House of Paine

plebs rally vs the credit meisters

here's a 
typical 

hoss martin pin ball 



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RECENT WASHINGTON POST ARTICLE ....





"  Credit card use continues to grow,
 with an average of 6.3 bank credit cards
 and 6.3 store credit cards 
for every household, 

1N 1990
 the averages were 3.4 bank credit cards 
and 
4.1 retail credit cards per household. 



Despite, or perhaps because of,
 the large increase in cards, 
there is a PENALTY  fee feeding frenzy
                   underway
                     among credit card companies

 The whole mentality 
          has really changed 
                      over the last several years
                                 with the industry imposing fees
                                            and 
                         increasing interest rates 
                                if a single payment is late. 

"Penalty interest rates
 start at  about 30 percent
 and can go as high 
  as 40 percent"

 " late fees
 now often are $39 a month
 and over-limit fees
 about $35"

" drag it  out for a year,
 between 
Late and over-limit fees alone 
you can easily rack up $900 in fees
 and a 30 percent interest rate 
on a $3,000 balance can add 
               another $1,000
 presto 

" from $2,000 to $5,000
               in just one year" 


 "banks collected $15  billion 
in penalty fees last year
 or 11  percent of revenue"

 


 wanta   wipe
 out debt through bankruptcy ?

  danger danger danger 

 bush and compant areon the war path....

--------------------------------------
more genuine  article ...


" Bankruptcy experts say 
that too often, 
by the time an individual
 has filed for bankruptcy 
or is hauled into court by creditors,
 he or she has repaid an amount 
equal to their original credit card debt
 plus double-digit interest,
 but still owes 
hundreds or thousands
 of dollars 
because of penalties." 


 ehat about them
          dead beaters?



"current law has strong provisions
 that judges can use to weed out 
those who abuse the system."


-------- 
JUDGES?

FUCK JUDGES
THOS FOUL
   BAG BOYS OF WEALTH...
HOW ABOUT A REAL PEOPLE'S  SYSTEM 
             MAYBE 
  WE DEMAND 
   A LOTTERY PICKED
ONE  YEAR IMPANELED 
          JURY SYSTEM FOR ALL PEOPLE WITH A GRAND TOTAL DEBT OF UNDER 500K .... ..-----------

but instead here's whats comin...


"Opponents  argue 
that PENDING federal  legislation 
 is unfair
 because it ignores loopholes 
that would allow rich debtors 
to shield millions of dollars
 during bankruptcy 
through expensive homes 
and complex trusts
 while ignoring 
the need for more disclosure 
to cardholders about
 rates and fees and curbs
 on what they say 
is irresponsible behavior
 by the credit card industry"

 

" No one knows how many consumers 
get caught in the spiral 
of "negative amortization," 


( definition of negative amortization:
 
when a debtor makes 
       sufficient  payments
on a loan 
 but balances continue 
           to grow 
because of penalty costs)

 
" The problem is widespread enough
 to worry federal bank regulators
 who say nearly all major credit 
card issuers engage in the practice." 

 


" Regulators say it is appropriate 
for lenders 
to charge higher-risk debtors 
a higher interest rate
 but that negative amortization 
and other practices go too far
 posing risks to the banking system 
by threatening borrowers' ability
 to repay their debts 
and by being unfair to individuals"

---------- the above graph :
              kitten claw journalism ------------------ 

  good advice for uz plebs:


get behind ?

 given the rapery  fees 
 yer way  better off 
pullin yer own  plug  
and pronto

cause  
 Once you stop paying
 
the shylocks 
 write ya off  
and sell yer marker  
 to some 
  damn three toed 
               debt collector

now Those blow hards wreck yer credit of course
so what ...
by now you couldn't borrow more anyway 

and beyond that
  the fuckers are all talk

sure they 
  can  harass your ass
          but they can't touch ya

and the clocks stopped

   your balance is frozen 
and
soon to be forgotten 
   if not forgiven 

  


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