Originally published March 9 2005
Credit card companies and Bush's Social Security reform model both exploit the public for Big Business gain
by Mike Adams, the Health Ranger, NaturalNews Editor
Bush's version of Social Security may well follow the same destructive path that credit card companies have. Credit card companies create hidden clauses and change payment periods to the customer's detriment. In much the same way, Bush's Social Security may be filled with clauses that will benefit corporations at the expense of the American public.
Credit cards manage to further impoverish the poor, the working classes and women and are rife with hidden scams that benefit the financial institutions at our expense.
The Bush version of Social Security will be just like this.
Here are some of my recent favorite credit card gambits: The amount of time my credit card company gives me to turn around and pay the bill has shrunk to about two and a half weeks otherwise, I'm late.
The late fee I pay even if the check arrives one day late has, within two years, gone from about $20 to about $40.
Dare to miss a payment, and the company may raise your interest rate up to an outrageous 25 percent.
According to Frontline, since there is no federal government regulation of late payment fees, "the amount of revenue the companies generate from fees ...
Approximately 10 companies control nearly all credit card accounts, and they have their own individual and collective lobbyists working the Hill daily to make sure there is no investigation into the industry.
According to U.S. PIRG, they have also been lobbying hard to change the bankruptcy laws so that it would be harder to qualify for Chapter 7 "fresh start" bankruptcy; instead, people would have to go into a Chapter 13 "5-year repayment plan" program, which, not surprisingly, would include unpaid credit cards.
In part because of these shenanigans, the Kiplinger newsletter reports, "the rate at which people file for bankruptcy has increased 40 percent over the past 10 years and now totals 8.6 out of every 1,000 Americans."
Just imagine the same financial interests that gouge you now, have indecipherable rules in their microscopic agreements, enjoy no regulation and can do whatever they want to screw the average American will soon control our retirements.
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