Daily PUMA Column - Commentary by Alessandro Machi

Showing posts with label 250%. opt out.. Show all posts
Showing posts with label 250%. opt out.. Show all posts

Thursday, July 9, 2009

CREDIT CARD COMPANY "ME FIRST" APPROACH CREATING MOUNTAINS OF PAPERWORK & COURT TIME FOR EVERY COUNTY IN THE US, BUT IT IS SO MUCH WORSE THAN THAT !!!


(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?

consumeraffairs.com - LAND OF 1,000 LETTERS OF COMPLAINTS IN LESS THAN SIX MONTHS

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.

Sunday, July 5, 2009

Over 1,000 CHASE BANK CREDIT CARD COMPLAINT LETTERS at CONSUMER AFFAIRS DOT ORG, NOT ONE FROM ACORN, is that POSSIBLE?

(EDIT UPDATE NOV. 7TH, 2009 - IT IS NOT ENOUGH TO SIMPLY FILE A COMPLAINT WITH THE CONSUMER AFFAIRS LINK PROVIDED HERE AND BELOW. PLEASE DO FILE A COMPLAINT WITH THEM IF YOU BELIEVE YOU HAVE BEEN WRONGED BY CHASE BANK.

BUT ALSO PLEASE GO TO ONE OF MY CREDIT CARD PROTEST BLOGS IF YOU WANT ME TO LOOK INTO YOUR SITUATION. I CANNOT GUARANTEE I CAN DO ANYTHING RIGHT AWAY AS NOBODY IS FUNDING ME, BUT I DO CARE AND MAY BE ABLE TO INCLUDE YOUR PROBLEM IN MY UPCOMING BOOK "The Cat Who Ate Chase Bank", OR ACTUALLY CALL AND FIND OUT WHAT IS GOING ON ON YOUR BEHALF. MY BLOGS INCLUDE DAILY-PROTEST, THE CAT WHO ATE CHASE BANK, BLOGGERS AGAINST CHASE BANK, AND ROBOTS AGAINST CHASE.)

It appears to me that not one ACORN member is complaining about the Chase Bank Credit Card Division's attempt to raise the monthly minimum payment from 2% to 5% on their low interest rate, life of the loan agreements on over a million of their most trustworthy and reliable, always pay on time customers.

These low interest, life of the loan Chase Bank Credit Card agreements are only offered to people with an excellent credit history and who are never late on their payments. There are over one thousand letters of complaints against Chase Bank at Consumer Affairs dot org in just the past few months, and the number is growing on a daily basis, yet ACORN is nowhere to be found. And where is BARACK OBAMA?

Kind of odd no? How can ACORN be so willing to fight tooth and nail against the home mortgage industry, yet not utter a peep against the thrashing that credit card debtors, many of who are home owners, are about to incur from Chase Bank come August 01, 2009?

Could it be that once many of these "best of the best" always "pay on time" Chase Bank credit card customers default on their accounts because they can't handle such a huge and onerous raise in the monthly minimum payment, they may also watch their credit ratings plummet to the point where their homes may be become more susceptible to foreclosure?

Is ACORN WAITING TO POUNCE on these one million plus Chase Bank Credit Card victims once they default on their loans? Or, is Chase Bank trying to default these best of the best of their customers so they pay higher interest rates in the future, ANOTHER WAY TO FEED THE THE ACORN MONSTER! HOW ABOUT BOTH!


When Barack Obama's wealthier presidential supporters still had plenty of money to give Barack Obama's democratic and presidential campaign, but had given the max they could give, wasn't it ACORN that buddied up with these wealthy supporters to increase donations in a questionable manner?

Wasn't it the combination of ACORN and the wealthy with their unlimited credit cards who funneled credit card funny money donations to the tune of 10 million, 50 million, perhaps as much as 200 million dollars last year under names such as Donald Duck and Mickey Mouse?

As we speak, it appears to me that while Hillary Clinton is sent round the world on behalf of the United States and Barack Obama, some of her supporters are being thrown under the Chase Bank bus.

Until I hear a clear and loud denunciation from ACORN in regards to Chase Bank's raising of the monthly minimum payment on over a million of their most trustworthy customers by 150% with no OPT OUT option, I see the Chase Bank situation as a crisis that SHOULD PULL HILLARY CLINTON AWAY FROM BARACK OBAMA.

Monday, June 1, 2009

Barack Obama wants to Hear From YOU!


Let Barack Obama know what is on your mind. I think you have until June 02, midnight, 2009 to let him know. Here is the link.

It looks like there is one issue that is heads and shoulders above the others by the name of "Let me see your papers", aka Birth Certificate.

For me there is a second issue, and that is the right to OPT OUT of any financial agreement when there is a proposed change in terms by the bank or credit card company. When a bank or credit card company wants to change the original agreement that both sides had been honoring, citizens should have the right to opt out, also known as, just say no.
Edit update, well, there have been 38 yes's to my OPT OUT as a consumer right, and only 3 or 4 no's. Sadly, two of those no's were from wanna be PUMA's who were so rabidly for Barack Obama revealing his birth certificate, they just spammed other topics and voted no against anything that was not about the Barack Obama certificate.  Of the 38 yes votes for my OPT OUT topic, most of them have come from outside of this blog. That is kind of a wake up call for me.
I am struggling with how PUMA's can be for Barack Obama revealing his birth certificate, but be ambivalent towards fighting so their neighbors don't lose their homes to unfair and usurious credit card interest rate increase tactics that are also suffocating the local economies all over the country, which actually affects everybody.

Tuesday, May 12, 2009

The Stimulus Package and Higher Taxes are being fueled by The Credit Card Industry!

I have always been good with simple math. In one way this has been a bad thing because it enables me to see the mathematical manipulation of peoples lives while others don't seem to notice, yet I have no standing because I am not a physics major nor do I have a PHD in math.

Imagine being the character who yells out that "soylent green is dead people",  and nobody knows what you are talking about. Imagine being the person who coined the phrase, "if you build it, they will come", and nobody was interested.  

The Credit Card problem is becoming the soylent green of our entire economy. Even economists who state that the credit card industry is causing a huge economic problem will then state that the credit card problem is on equal footing with other economic problems, without seeing that credit cards may be the UNDERLYING problem that is affecting the other economic problems as well.

What is frustrating to me is that people who don't have credit card debt feel it is a problem that is beneath them, that it only affects the reckless and self indulgent, those who ASKED FOR IT.

That sentiment cannot be farther from the truth for most americans.

We are all interconnected mathematically. You could probably count on one hand the number of businesses that DO NOT take credit cards but do take debit cards. Even if you don't have credit card debt, or pay off your debt every month (bravo by the way), the place that employees you, and the vendors that either supply or purchase products or services from your business, in all likelihood RELY ON CREDIT. Without those credit lines, you may not still have your job, and guess what you might end up relying on to get by.

Now is the time to link the credit card industries recent actions to higher taxes. The credit card companies, the FDIC, and the federal reserve continue to suck out the fragile, economic life lubricant known as credit lines and lower interest credit card rates from every small city in the United States and their local economies. The credit card companies are also shafting their most reliable, honorable, never late paying, never miss a payment type of customer.

Credit card companies are ALSO sucking out the very economic life force that helps local, state, and federal governments meet their tax goals. So now there are two equal anti-economic forces working against the working class. 

As local credit dries up, and interest rates rise (even as the federal reserve drops interest rates to the banks) governments receive less in consumption taxes and property taxes as people make less purchases, home values drop and people are foreclosed on.

It is NOT ENOUGH to just be against higher taxes. If you are against higher taxes but not against higher credit card interest rates, you have not figured it out yet.

Now is not the time to be either a democrat or a republican. Now is the time to find alternative ideas to the same old stuff that got us in this economic mess. Incentive based Credit Card Programs are the only way to stop the downward spiral of the world's economy.

Instead, we are being force fed a "This is going to hurt me, more than it is you" chant by the banks as they continue to raise interest rates and lower credit card limits. Creative, incentive based credit card programs have not been tried, and that is the real crime that is going on and on and on.

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