House of Paine

bled by a thousand card cutz

  plastic satan 
        strikes best
when you've just received 
             your final repreve 

   


  source/quotes
           nyt :


" two million Americans ...
  filed for bankruptcy
 before a tough new law took effect"

only to have an avalanche
 of  new card offers hit em afterwards



  its a nice bing bang bank shot

     but not for the debtors 

 but for the bankers 

 the " industry"
 "spent more than $100 milliom "
and "ten years "
  lobbying  kongress for
                             this  new " Don Draco "  shylock law


the key tit twist ???


 people who  declare bankruptcy now
 "are a good credit risk" tommorow 
 
 their old debts are  wiped clean
so their cash flow is freed up

time to  start a fresh I.V.

right ???

and here's where the new law helps 


  "next time 
 they won't be able 
to get a new discharge 
for eight years
and ...
 when they do 
they'll  still 
be stuck paying off  
  credit card bills 
that were  "excused: under the old law


but hey

an over loaded
  credit line is  so normal now a days
 shit
 its   as american as a  5 day 4 nite 
                            trip to vegas 

-----------------------------------------------------
  
  hidden truths department :

 funding usury beats  small biz loans 

"Credit cards are the most profitable part
 of the banking industry"

 so much the most profitable in fact 

 last year five billion solicitations 
for new cards 
were sent out 
nearly double the number 
from eight years ago

"The whole business model 
of the credit card industry 
is built around outstanding debt"

        as in
       the more the merrier  


 "This is the only industry 
that calls people deadbeats
 when they pay all their bills every month."



 
 
 in" subprime lending "
     Increased risk 
is the heart  and soul
   of the deal 



      

 higher interest rates - 23 percent or more-
                                      and late fees 
                                          as  pure gravy 


-----------------------------------------------------
 
 are u  carrying a balance ????
 
 then welcome aboard

but move carefuly
the boats  over loaded
 
Nearly 60 percent
 of  all card holders
" about 85 million Americans"
             carry over  a balance  too
 
 

The average monthly
          carry over 

                         $9,000 

 and if  u Pay just 
the  minimum 
 on your $9,000,

 we'll give ya  42 years 
            to pay  her all off 


------------------------------------------

but people bail right

thats why the law needed tightening

well citizens 

 check out the  8 year score card  

while  bankruptcy filings 
 were indeed going up

--by  17 percent--
 
credit card profits  

  also went up 

   by  163 percent

(including write offs )
 
    that total  net net profit ????
                  $30  billion 

thats on
   $800 billion 
in card  debt


but more important since thats only relevent to costs
is this comes off what  
                 equity  ????


a pink quick calc  needs 

no wonder 
 total card debt 
         has
"more than triple "
  in the last 15 years