As Consumers Dive Deeper Into Credit Card Debt, Banks Rake In Profits

Email this article to a friend

Printable Version

Articles Related to This Article: • The Still Unsolved Problem of the Economy • Ten Sobering Predictions About the Aftermath of the Economic Stimulus Bill • Personal Debt Out Of Control; U.S. Economy Awash in Debt Support NaturalNews advertisers - Advertise with NaturalNews Help support NaturalNews with health books and educational programs from Truth Publishing: • Swine Flu Advanced Preparedness • 8 Weeks to Vibrant Health • Raw In Ten Minutes (recipes) • How to Halt Diabetes in 25 Days ... and much more.

When you try to open an account at Wells Fargo, they work up a customer "profile" and try to figure out how to sell you every financial instrument under the sun, from company loans and house loans to higher fee checking accounts. And that's all before they take your fingerprint, which is now apparently required at all Wells Fargo branches (thumbprint, actually, which sounds less incriminating than "fingerprints").

Personally, I would never do business with Wells Fargo. But a lot of people certainly do, and Wells Fargo's profits are only exceeded by the rising personal debt and bankruptcies of American families. There's a whole lot of money leaving the hands of hard working American families, and much of it is heading straight into the coffers of the largest banks (who seem to rake in extraordinary profits whether the economy is good or bad).

A lot of the money loaned to customers as home mortgage loans, it turns out, isn't used to buy homes. In many cases, customers are cajoled into taking out new loans on their homes in order to refinance credit card debt. After a few months of spending on the balance-free credit cards, they're back into credit card debt and the banks own their homes, too. How's that for customer service?

Home loans are already dishonest enough to start with -- they're designed so that your first few years' payments hardly touch the principal. You've paid $10,000 over the last year and still don't own more than a couple hundred dollars worth of equity. To market home mortgages to people as a way to pay off their credit card debt is extremely irresponsible.

There's far too much predatory lending going on these days. By and large, banks aren't really interested in helping their customers, they're simply interested in bilking them out of a few more dollars each month. That's why American workers are dubbed "wage slaves" by the people in the know. It's the illusion of financial freedom in a system that keeps siphoning your hard earned cash, day after day, year after year, until the day you die. And then you get to pay for that, too.
About the author: Mike Adams is a natural health author and technology pioneer with a mission to teach personal and planetary health to the public He is a prolific writer and has published thousands of articles, interviews, reports and consumer guides, reaching millions of readers with information that is saving lives and improving personal health around the world. Adams is an honest, independent journalist and accepts no money or commissions on the third-party products he writes about or the companies he promotes. In 2007, Adams launched EcoLEDs, a maker of energy efficient LED lights that greatly reduce CO2 emissions. He also founded an environmentally-friendly online retailer called BetterLifeGoods.com that uses retail profits to help support consumer advocacy programs. He's also the founder of a well known HTML email software company whose 'Email Marketing Director' software currently runs the NaturalNews subscription database. Adams volunteers his time to serve as the executive director of the Consumer Wellness Center, a 501(c)3 non-profit organization, and practices nature photography, Capoeira, Pilates and organic gardening. Known by his callsign, the 'Health Ranger,' Adams posts his missions statements, health statistics and health photos at www.HealthRanger.org


Get articles like this delivered to you FREE in our popular email newsletter

Related CounterThink Cartoons:

Related Articles: • The Still Unsolved Problem of the Economy • Ten Sobering Predictions About the Aftermath of the Economic Stimulus Bill • Personal Debt Out Of Control; U.S. Economy Awash in Debt	Take Action: Support NaturalNews.com Email this article to a friend Share this article on: NewsVine | digg | del.icio.us Permalink to this article: http://www.NaturalNews.com/008505_debt_credit_card_banks.html Reprinting this article: Non-commercial use OK, cite NaturalNews.com with clickable link. Embed article link: (copy HTML code below): <a href = "http://www.NaturalNews.com/008505_debt_credit_card_banks.html">As Consumers Dive Deeper Into Credit Card Debt, Banks Rake In Profits</a>