Credit card debt has Millions of Americans thinking it's the end of the road, the final chapter of their financial lives.
They're contemplating bankruptcy and even in rare instances suicide because they can no longer keep up with a 30% interest rate.
Chapter 7 bankruptcy was lobbied "out of existence" by credit card companies forcing most people into Chapter 13 bankruptcy which allows them to squeeze every last penny possible from individuals who find themselves doing "hard card time" as a result of the Depression.
Hard-working, honest, always paid their bills on time people have become victims of the big money merchants who set around dreaming up ways to lend money to keep American citizens in enslaved in what could be considered "criminal" lending schemes.
The "bubble busted" and Humpty Dumpty banking took a big fall with the "trickle-down" effect falling on the working man's head bringing about the biggest banking bailout in the history of the world! Now all the king's horses and all the kings' men will put Humpty together again, but what about my credit card debt? Superglue for credit cards can be found in abundance in the Fair Debt Collection Practices Act and believe it or not, it's totally free complements of good old Uncle Sam! You might find it very hard to believe, but the bank did not lend you a single penny on your credit card.
Your card application for "unsecured debt" was used to create money out of thin air to use for "secured" loans.
Prove to yourself that this is true by reading "Modern Money Mechanics" written by The Federal Reserve Bank of Chicago.
Banks rarely sue over card accounts because they have no "proof" of lending you money, so they quietly take a tax deduction for the alleged loss and sell your card information to a debt collector who will relentlessly pursue you by phone and letter saying you now owe "him" money.
You don't owe the collector a penny! He took a risk, bought some information for pennies on the dollar and hopes to turn a huge profit by convincing you that he actually bought your old account and you now owe him instead of the bank.
Banks never get a cent that you pay to a collector on a "written off" account unless he deposits it into his own account.
He invests a few cents on the dollar and hopes to reap a huge profit using your "non knowledge" of the system.
Now that's the American entrepreneurial system at work! It's time to wake up and smell the roses! Send the debt collector on his merry way and do not answer any questions from him on the phone and demand that he communicate with you in writing only.
Answer his letters by "demanding proof" that you owe him money.
So for better or worse, richer or poorer walk away from the debt collector before you say "I do" owe you money which is the "only way" he has to collect from you.
Once you say you owe by voice on the phone or by "unanswered" collections letters, you're hooked into the legal system and he will own you! You can't keep a good man down so educate yourself about credit card debt and send the debt collector to live with the Wicked Witch of the North where they can brew up a concoction line to feed some unknowing, unsuspecting person who doesn't understand the system.