XML FeedsWhat are the credit card companies up to?
By P Alfonso on Nov 22, 2009 | In 1.5 The Economy | 2 feedbacks »
Is there anyone out there who really thinks that Congress is going to save the consumer from being victims of the credit card companies? Forget about Congress trying to save you from the banks, they are in bed with the banks. The banks are in deep trouble for they are not solvent and many more will continue to close as the economy deteriorates further. How can the politicians in Washington save us if they have allowed our economy to be destroyed? We are still running a huge growing deficit of well over $100 billion a month that they don’t even want to talk about anymore. We are two months into the 2010 fiscal year and they are not even trying to vote on the budget. In fact, I don’t think they are even trying to come up with one anymore. They are going to ride this ship that has lost its rudder until it sinks in the storm. You can be certain that no one is lending us that money anymore and we are relying almost entirely on the Fed printing press.
The credit cards companies know the debt that they are holding is going to be worth nothing in the near future and are jacking up the interest to infuriate the customers, encourage them to close the accounts and force them to pay off the balances. Many companies have also increased the minimum payment from 2% to 5% trying to get the balances paid off in less of half the time.
If you have invested in precious metals your gold has gone up over 30% in 2009 and silver over 60% or not really for it is the dollar that is worth much less. Instead of using money that has been invested in precious metals or commodities which are holding their value there are better options:
· Buy that fuel economy new car now before the prices and the interest go higher and before gasoline skyrockets. Finance it for as long as you can, 72 months sounds good. Five years from now you won’t be able to buy a basket of groceries for what you owe on the sixth year.
· Refinance your home at today’s low interests. Eliminate the line of credit that could become 20% interest as it was in the late 70’s. At that rate if you have a $100,000 line of credit your interest will be $20,000 a year and will make your payments go up where you could not afford the payments.
· Run your credit cards up with 12 month no interest and pay the minimum or even better 12 months no payment no interest. Twelve months from now the balance could be worth half or less of what you invest on precious metals or commodities today.
· Take you money out of the bank. Cash in your CD’s and invest on commodities. Yes, stock up on food it will cost a lot more. The FDIC is insolvent and cannot guarantee your money unless they get a bailout from the Federal Reserve. To cover the FDIC it will print out hundreds of billions of dollars in which case the dollar will devalue and your money will be worth nothing anyway.
· And I didn’t tell you this but buy a gun, yes, a big one. You may need it to keep others from trying to get what little you have left.
You can only stay ahead of the game if you understand how to play it. I have researched trying to make sense out of what is going on in our country and with the economy. As a few others I have tried to advise and help others but most of the time it falls on deaf ears. Knowing what I know and seeing what the people are doing makes it easy to understand this quote of whom I have not been able to find the source but I love it:
"From what I can tell looking at history, all peoples of every empire at its peak, just before its imminent collapse, belligerently maintain their lifestyles at all cost to their own wealth and their own chance of survival. For a number of reasons, you cannot talk them into saving themselves."
Use your head, open your eyes, this is no time to be playing dangerous games.
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