MSM stories are filled with news about people who “deal” with their credit card companies and are paying back pennies on the dollar. That’s a powerful incentive to be late. Real late.
I am SO glad we found Dave Ramsey and are within MONTHS of being debt-free - except for the mortgage. No more DEBT! Methinks the Government needs to get on the Dave Ramsey plan...
Perhaps banks charging 25% interest rates has something to do with it. Make it as difficult as possible to pay back a loan and you’ll find that many loans will not be paid back. However, the biggest problem remains those who should not have received loans in the first place.
I have an idea, how about we go back to the days of having to earn credit to get loans etc? It worked for decades before banks were forced to give loans and credit to people who didn’t earn it!
Unsecured Credit is nothing but . . . air. Banks are supposed to loan MONEY . . . cash money to be redundant. They’re not, by law, allowed to ‘loan credit.’ But The Central Bank aka the Federal Reserve figured out a way to hoodwink people into becoming their slaves. Extend what they’re not, by law, allowed to do . . . credit. And then, on their books, count the credit loaned as an “asset” and use 90% if it to extend additional credit.
The “charts” and the “bottom line” at the banks are FALSE. Why do you think the TARP-Banks are so eager to pay the ‘loans’ back so quickly? They don’t want YOU and ME and the “Common, little people” (said with an British accent, please) to know what’s REALLY going on in the Banking System.
Henry Ford said: It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.