Credit Card Debt

CREDIT CARD DEBT AND THE GOVERNMENT SHUTDOWN – MIDDLE CLASS REALITY 2/14/19

Shutdown government workers show the critical need for every paycheck in order to survive the monthly battles that are the financial reality for all too many Americans

With the longest shutdown in government history and the threat of another government shutdown looming large, Americans throughout the country were shocked and surprised to see how one or two missed paychecks could put hundreds of thousands on the breadlines throughout America. No one should have been shocked or surprised.

SOLVING CREDIT CARD DEBT PROBLEM IN CONNECTICUT

Monthly payments on credit card debt obligations have become the number one source of bank profits and money lost by Connecticut’s hard working middle class. The consumer credit card industry has replaced mortgage solicitations, as interest rates and profits on credit cards have reached record highs, while the costs paid by card issuers have remained at record lows.

CREDIT CARD DEBT IN CONNECTICUT

With mortgage rates at historical lows, credit card debt has become the major drain on middle class Connecticut families. Despite super low borrowing rates, credit card companies have not passed along low rates to consumers, but have instead continued to charge consumers the highest interest rates possible with no regulation in sight.

BIG BANKS BIG PROFITS, BEFORE/AFTER/STILL

By supporting the myth of an all-important “credit score” and raising interest rates, credit card issuers have boxed in millions of American families across the U.S., stuck between crippling, high never-ending monthly payments and the fabricated myth of credit score as a measure of holiness. The credit card industry has captured the mind and wallet of any middle class American who survived the subprime mortgage bubble.

Credit card debt: Middle class problems and bank profits

By Neil Crane of The Law Offices of Neil Crane LLC posted in Credit Card Debt on Monday, November 30, 2015.

Despite historically low interest rates, consumer credit card rates have remained at uncontrollably high rates. Although borrowing rates for America's largest banks and credit card issuers have held steady at record lows for the past five years, consumer borrowers have seen no relief in the form of reduced interest rates or monthly payments. This means that: