Tuesday, November 23, 2004

Credit Card Cudgel

Dreading that climax of all human ills,
The inflammation of his weekly bills

Lord Byron, British poet

Is there any concern for the struggling middle class anymore? The Misanthrope is afraid there is little to none. Gas companies, drug companies, cable companies, amusement parks, politicians, and police all pick the workers’ pockets. The list is nearly endless. Unfortunately, the assaulted don’t even notice, except in one-off instances of frustration.

Credit card companies are the latest in the conga line of conglomerates to bludgeon consumers. Late on a bill payment to any business that reports to one of the credit scoring organizations, one had better keep a watchful eye on their credit card interest rate. The New York Times reported that lenders monitor payment history, not only to them, but also to any other company or utility one makes payments to. This tardiness will allow a credit card company to raise interest rates on a revolving card from nine percent up to 28 percent without notice.

It is an egregious abuse of power and an invasion of privacy. Similar to guards at an Iraqi prison, preparing to inflict humiliation on top of the pain and suffering is a bill snaking its way through Congress pushed by major financial lobbyists to tighten the bankruptcy laws. Donald Trump is aware of this and filed his petition for bankruptcy well before any change can be enacted. Once such a law is sanctioned, The Misanthrope believes that a form of debtors’ prison will return. Instead of an actual prison such as during Charles Dickens’ time, this would be closer to servitude in the form of community service.

How much more before the backs and spirits of the sinking middle class are broken? Does anyone care?

2 comments:

Anonymous said...

It's legalized theft. Pure and simple. This entire country, including our government, is run on debt and interest income. If "they" call in their markers, this country will go down faster than a rock dropped from one hundred stories high.

Anonymous said...

Hi Blogger! Ik ben op zoek naar krediet Zou Afab echt zo goed zijn als iedereen beweert? Of kan ik beter zoiets als Geldshop proberen?

Groetjes Albert