More citizens robbed by banks!
We got to watch the banks rob billions of dollars during meltdown in 2008. Bleeding hearts yelled at banks to give loans to low wage, bad credit families that could not afford a mortgage. Banks did give in to extortion from Washington D.C. officials, and set it up so the banks would not get stuck with these bad mortgages. Nobody from congress or senate got sent to jail for this, even if they got a 1% multimillion dollar mortgage! So here is the new problem.
Too many families are buried with debt and bills from being unemployed and underemployed during our Great “Recession”. Now people are being thrown a lifeline tied to an anchor! We keep getting offers in the mail on bank credit cards. 19.99% annual percentage rate! Such a deal?! If you are late on a payment, your annual percentage rate becomes 25.24%! Wow! No thanks for the invitation to get robbed again by our banks!
Once upon a time, the USA would not condone enslaving people with debt. The new credit card law to “help” us citizens, set up interest rates that will bury you. Plus, the new law makes it less likely to get bankruptcy to get out from under the crushing debt. Usury is the deliberate setting of loan expense at levels that can never be repaid. Who can afford paying 20% for a loan? Thank you to our elected officials to claim their law helps us while enriching the banks. This law took place years ago, but the effects are killing USA now!
Millennials need credit, but they don’t need to sell their future to be owned by a bank loan! I hear Elizabeth Warren speaking out on this problem. Who can we trust to fix this bad law? Excuse my skepticism on voting for anyone who promises to fix a problem. What I do know, USA will never get ahead so long as we are bleeding everyone with banks collecting interest of 20% while their cost of money is less than 1% from Treasury!