US Government condones USURY

US Government condones USERY

There are no Federal laws controlling the rate of interest NATIONAL BANKS can charge.  Interest rates are only controlled by state laws.  Any bank that claims that is a National Bank (See http://www.lectlaw.com/files/ban02.htm) is not subject to their states USURY laws when it comes to credit cards.  That is why NB banks locate their credit card divisions in states with very liberal or non-existent usery laws.  Without any laws to inhibit and control their business the sky is the llimit and they will and do charge whatever the traffic will bear.  This is why credit card interest rates are so high and going higher every day and why the late fees and penalties are astronomical.  

Whose fault is it?  Mine and yours and everyone who wants more than they can afford and is willing to pay an interest rate that can make the goody cost more than its original store price.  I grant you there are some responsible credit card users.  The credit card companies call them “deadbeats” because they pay off their credit debt on time and pay no interest.

When you see home foreclosure numbers rising and mortgage companies claiming they are in trouble and the housing market going flat you are seeing the signs of insolvency.  The American public is tipping toward insolvency: Wikipedia defines, Insolvency as a financial condition experienced by a person or business entity when their assets no longer exceed their liabilities.  When a person or entity can no longer meet its debt obligations when they come due, that is commonly referred to as 'cash-flow' insolvency.  This is when the plastic comes out and we try to hold out until our situation gets better while it continues to get worse because we are permitting USURY to take over and ruin our lives. 

Even though this overextended condition is something each of us did to ourselves, for whatever reason, it is still something that had we known better we might have avoided.  Now debt counselors, debt consolidators, and other kinds of debt advisors, some good some bad, are sucking at our pain.

The real problem is that most of us know what to do, if we had a way to do it, pay off our debt.  Most of us could manage our debt if the credit card companies were not constantly raising our rates and charging exorbitant late fees.  What we need is a shield, a way to hold the unsecured creditors at bay while we get our finances back in order. 

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