There is no denying that the recent housing bubble that popped devastated the American economy. So lets examine what happened; At some point mortgage companies decided that if they could refinance houses that they could make copious sums of money. So they did just that and half of America got 20K loans, bought a “Tits” car or flat panel TVs and a jacuzzi, but now owed a ton more on their house loan. These loans had ridiculous rates and a ton of trickery written in the fine print. Many people entered ARMS, adjustable rate mortgages. After a few months of payments their payment could jump from 500 dollars to 2000 dollars a month. It was a con job perpetuated by mortgage companies and greedy execs who lined their pockets, fucked the country and ran.
My examination of credit card holders shows that the average American is in about 10-20+ thousand dollars debt, paying minimum payments on their credit cards. As Obama moved to crack down on the insane rates and trick tactics that these credit card companies had been using to keep you maxed out and paying your minimum payments, they scurried to change their fine print. If you own a credit card I guarantee you got a few random letters from your credit card companies. You probably just threw them away. Those were disclaimers explaining the new tactics they will use to try and screw you.
Bottom line here, as the economy is reeling and struggling to get out of this housing crisis, this credit card gloom lingers. Many Americans are at their breaking points and are thinking about such options as bankruptcy. If credit card companies don’t start treating their clients fairly. IE, lowering rates, cutting the ridiculous fees and such then I have a feeling we are going to have a new round of bankruptcy and ultimately another crippling blow to the economy.
Lets get out the pin and pop the credit card bubble. Have a happy fucking day.