Daily PUMA Column - Commentary by Alessandro Machi

Thursday, July 9, 2009


(For the most current DailyPUMA article, please click here)

Update Oct. 18, 2017. Please have NO MERCY for credit card companies. Credit Card Companies get to charge interest rates that are 400% to 500% more than a typical mortgage rate because their debt is allegedly unsecured, but if a credit card borrower cannot pay their minimum payment every month, the alleged unsecured debt is then SECURED in court! This is one of the all time outrageous Financial Terrorism stunts ever perpetrated on the American People. 

Worse still, the 2% monthly minimum payment is credit card crack, designed to lure unsuspecting credit card customers into tens of thousands of dollars of debt before the customer realizes they will never be able to pay off their debt. 

If Credit Card Companies, from the first time a credit card customer was allowed to use a credit card, required a 5% or 10% monthly minimum payment, Very few customers would go into debt that they cannot afford to pay back. 

Instead Credit Card Customers are lured by the 2% monthly minimum payment into eventual credit card debt they will never be able to pay back, but the credit card is unsecured, so too bad for the credit card company??? WRONG! The credit card debt is then magically changed to a secured credit card debt by a Judge! Now the Credit Card Customer has to pay the newly secured Credit Card Debt as if it were a mortgage, meaning now the Credit Card Company can take a debtor's house after charging the Customer 500% more in interest than a mortgage. 

This is the very definition of Financial Terrorism.  (End of Oct. 18, 2017 update).

The Associated Press recently researched bankruptcy rates in states that allow credit card companies to garnish the wages of their customers versus states that do not. The states that allow wages to be garnished by credit card companies have a MUCH HIGHER RATE OF BANKRUPTCY than the states that do not allow credit card companies to garnish wages.

The AP was able to compare two neighboring towns in bordering states with similar types of economies, one allowed garnishing of wages, one did not. The A.P. research uncovered a significantly higher bankruptcy rate in the town that allowed wages to be garnished by the credit card industry versus the town that did not. The much higher rate of Bankruptcy in wage garnishing states creates a chain reaction that would do a nuclear reaction proud.

Wage garnishing by the credit card industry leads to increased Bankruptcy resulting in more state services, from welfare to court services to housing, food, psychological and re-education. Bankrupt people both require more state services and are more likely to ask for financial assistance from their state government at a much greater level than those who are still trying to get by.

Credit Card Companies hit Garnished wage states in many ways. Not only do garnished states have MORE citizens NEEDING state services, they also have LESS PEOPLE remaining in the work force as well. Being bankrupted by a credit card company is not necessarily conducive to getting another job, so perhaps another approach is needed.
Some employers won't hire someone who has filed for bankruptcy.
The waged garnished states try to handle the overburden caused by increased personal bankruptcies by trying to raise taxes, this in turn draws the ire of the states citizens and small business owners still in business.

Tea party protests then spring up protesting both local and federal governments. These tea party protests result in attention being diverted away from the real agitator in this situation, the credit card companies and their scorched earth collection methods that create increased personal bankruptices in states that allow them to garnish wages.
Credit card companies are actually destroying the economy when they could be helping by offering INCENTIVES to people to pay down their debts rather than finding any excuse to punish them, (like forcing them into bankruptcy). What are you doing to help stop the credit card companies?


2nd update Oct. 18, 2017 This article was first written 8 years ago, before social media had really taken hold. It is now DailyPUMA's opinion that LAWYERS are needed to end the Financial Terrorism that is far more damaging and crippling than anyone cares to admit to and the real reason our economy remains in a stagnant mode. (End of Second Update.)

HOW YOU CAN HELP! MAKE A DAILY-PROTEST.com sign and put it where others will see it. Daily-Protest.com signs can be placed in a storefront window, a bulletin board at work, or a countertop. Raise curiosity and awareness about how Chase Bank is harming a LOT of of their BEST customers by making a Daily-Protest.com sign.

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