RatWatcher

Government's New Credit Approach: Does the End Justify the Means?

It has been awhile since I found an article to disagree with 100%. The banking / credit card practices of stealth fees and rate hikes are banks' means of collecting the money they are owed, without crediting the borrower with the payment. Rather like the mob: all your payments are just 'juice', you've paid everything borrowed but you still owe it all anyway.

Universal default is particularly odious: the only ways to get this info are collusion or surveillance, both un-American; there is no investigation for cause (e.g., 'my gas bill was late because I was away on vacation' doesn't stop the doubled interest rate on my credit card); it is just an excuse.

The great flock of American middle class golden-egg laying geese has been slaughtered. We will be very lucky indeed if it can be reconstituted by the few survivors.