/24-7PressRelease/ - SAN FRANCISCO, CA, August 31, 2007 - Marketing slogans like Just Do It, Buy Now Pay Later, 0% Interest For 6 Months and I am sure you can think of more, have infected the majority of citizen. It is all about surrounding yourself with the trappings of the rich and famous.
Now many of us have the great home or homes, cars, boats wardrobe, jewelry and such. Like the rich and famous we find that those thing alone don't bring us happiness. But many discover that we work to support this living standard and lose our happiness and any hope of a sound financial future.
At the beginning of the month when most bill come due, the bills comes with a feeling of frustration, because the income is not enough to cover the outgo. For the last 4 or 5 months you have been paying some of these bill with your Credit Cards. Now you are struggling with the minimum payments, but wait there is hope. One of the envelopes is from a Credit Card Company offering a transfer balance option at half the interest rate you are pay. So what's to think about 9% verses 18%.
Fast-forward 2 months. The Credit Card Company sent you the bill late and charges you a late fee of $39.00. You also notice on the statement that $40 cash advance ended up costing almost $15 bucks! And oh yes 9% is 25%. You call customer service to find out what is going on. The Customer Service Representative reads you the part about cash advance fee and tells you that your income to debt ratio precludes you from the 9% rate but they will waive the late fee. Thanks!
We started off this article by stating that American consumers face difficult times. A great deal of it can be blamed on the Banking Industry and in particular the Credit Card Companies. Debt of any kind means profits to them. The following is a list of business practices that yield high return for them and financial ruin for us.
· The 2006 Bankruptcy Law, which everyone acknowledges was written by the Bankers.
· Bate & Switch Practices as in allow consumer to pay 1.5 % minimum payments for year resulting in higher balance. This year they doubles minimum payments
· Violations of the Truth in Lending Laws and Fair Debt Collections Act every day and night at home and at work their collection effort torment, harass and lie to the people.
· The Credit Card Company Market to the least credit worth element of the population. The FED looked at this issue and saw nothing wrong not even with marketing Credit Cards to college kid.
· Usury Interest Rates of 20 to 30 % account in great part for the reason that 42% of household income goes to interest payment.
Another trait that is American is to be optimistic and resourceful. We are starting to see our people turning their back on debt and moving towards being debt free. Average American" finding them selves overwhelmed with Credit Card Debt and the betrayal of the Banking Industry.
Not to mention, the misguided information about debt elimination being touted by Bankruptcy Attorneys, Debt Negotiators, and Consolidators all the way to misrepresentation of many Consumer Counseling programs that are being "hyped" today. The new Bankruptcy Law put in place October 17, 2005 is misleading and hard to understand at best. This injustice of the Banking Industry (Credit Card Companies) and now the complexity on the new Bankruptcy Law has generated a new industry breed and greed preying on those who have found themselves deeply in debt to their Credit Card Companies
About Credit Card Rest In Peace
The mission of Credit Card Rest In Peace (RIP) is to help families become debt free by educating them about Credit Card Debt Elimination that is based on the "law". Federal Law, Banking Law, Truth In Lending Act, Legislation passed in Congress...The Fair Credit Billing and Reporting Acts and The Fair Debt Collection Practice Act.
Americans deserve the truth and the process we offer them to eliminate their Credit Card Debt and our process does just that. Americans are not irresponsible. They have been mislead and betrayed by the credit card companies. Credit card consumers need the power of information to eliminate their Credit Card Debt without Bankruptcy, Debt Consolidation, Negotiation, or Credit Consumer Counseling. We provide results, where the others can't, and the lawful process to do it with.
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