Let me paint a financial picture for you of the average American
household.

The average American household (let’s call them the Smiths)
carries $9,000 in credit card debt at a rate of 19%. Let’s say
the Smiths don’t make any more charges to their card (yeah,
right) and make minimum payments of 2% of their balance until
it is paid in full.

IT WOULD TAKE THE SMITHS 81 YEARS AND 1 MONTH TO PAY OFF THE
ACCOUNT AND THEY WOULD END UP PAYING $41,796 FOR THE PRIVILAGE
OF CHARGING $9,000.

This means that the groceries, gas, clothes, and other items
that were purchased with the Smith’s credit card translates to
them paying 464% more than someone paying cash for those same
items.

Next time you purchase a tank full of gas think about that.
My tank costs about $50 to fill using my debit card. If this
tank of gas was purchased on the Smith’s credit card, it would
effectively cost them $232!

Furthermore::::::::
When you entered into a loan or credit contract, you signed a
note or contract promising to pay them back. This contract
supposedly qualified you to receive the money or credit. But did
they provide ‘full disclosure’ of all of the terms of this
agreement? Answer the following questions and decide for yourself
if the bank or credit card company was acting in ‘good faith,’
that you received ‘valuable consideration.’

Were you told that the Federal Reserve Policies and Procedures
and the Generally Accepted Accounting Principles (GAAP)
requirements imposed upon all Federally-insured (FDIC) banks in
Title 12 of the United States Code, section 1831, PROHIBIT them
from lending their own money from their own assets, or from other
depositors?

Well if they are not lending their own money, where did the money
come from??? Good question, a reasonable question, and one whose
answer you are going to find difficult to believe.

THEY MONETIZED YOUR SIGNED CONTRACT AND USED IT TO FUND YOUR LOAN.

The contract you signed (your promissory note) is literally
converted into a ‘negotiable instrument’ by the bank or credit
card company and becomes an asset on their accounting books.

Your signature on that note made it ‘money,’ according to the
Uniform Commercial Code (UCC), sections 1-201(24) and 3-104.
Were you told that your promissory note (money) would be taken,
recorded as an asset, and be sold for cash – without ‘valuable
consideration’ given to obtain your note? Did they give you a
deposit slip as a receipt for the money you gave them, just as a
bank would normally provide when you make a deposit to the bank?

Of course they didn’t.

They are creating money out of your signature, lending it back
to you AND charging you such high interests rates that it would
get your friend Joe – who actually has to lend his own money
- locked up.

Shortly after the bank that owns my card got their first installment of the bailout money they raised my rate by 15% and cut my limit because they didn’t like the store I chose to deal with
My interest now is almost equal to the minimum payment I had before

I’m tempted to stop paying that bill and apply the money towards those that have shown that they appreciate my business

I don’t want any handout form the government but it would be nice if they would simply enforce the usery laws already on the books