Trusted local news leader for Prescott area communities since 1882
Wed, March 20

Banks don't care about man on street

Big interstate banks are vultures that prey on people with an appetite that could kill the American eagle of liberty.

Banks pay minimum interest on savings and charge the maximum on credit cards. Banks are the moneychangers in the temple of our Republic. We need a savior to crack the whip on these vultures. We will not find one in government as long as bankers are special interest contributors to politicians.

Every American should read Robert Manning's book, "Credit Card Nation, the Consequences of America's Addiction To Credit," and on the web at creditcardnation.com. He writes, "Banks promoting credit cards are the 'pimps' of financial prostitution."

Credit card debt exceeds $550 billion. Multi-state banks gouge customers at interest rates of 19 percent to more than 30 percent plus exorbitant over-limit, late charges and other fees. Banks issue credit cards to people who are less than credit-worthy and too often not responsible enough to use credit cards.

People are going into debt using credit cards for groceries, liquor, cigarettes, lottery tickets, even gambling in casinos, making minimum payments as interest mounts on their accounts. They lose and the bankers are the winners. A poor credit rating can prevent you from buying a home or even qualifying for a job.

Banks are selling confidential credit card information to other banks and retailers in addition to peddling products, insurance and other services, all of which they add to your balance.

Furniture, appliance rental and rent-to-own charges that are excessively high to begin with are going on credit cards, adding additional interest. How stupid can anyone be who buys a U.S. savings bond on a credit card paying 19 or more percent interest? Many do so!

The media do not report on the number of people forced into bankruptcy because of credit cards, who lose their homes and cars or the number of people who get so far into debt that they commit suicide. Debt never shows up as a cause on a death certificate.

Divorce lawyers also offer bankruptcy services. Millions of Americans in this century will have to postpone retirement to pay off credit cards.

Banks don't want you to pay off credit cards. They love it when you are over the limit or make a late payment so that they can charge additional fees. If you are fortunate to have a windfall and pay off credit cards, banks are no longer interested in you and may cancel your card. Some multi-state credit card banks have lost class action suits in the courts for millions of dollars for scams, sending out statements late, not crediting payments as soon as they receive them and then charging late or over-limit fees.

We no longer teach the savings habit in our schools. We are propagandized that "You can only have fun and the good life if you spend money. If you do not have the cash on hand, don't worry, put it on your credit card, but never wait until you can afford it. God save us from bankers and lawyers and God save our Republic!

(Thom Strawn was a political activist for 30 years, and is now a prime time TV and radio talk show host in Prescott. Write to him at Thom Strawn, Take Back America, 1776, P.O. Box 12680, Prescott, AZ 86304 or tba1776@futureone.com.)

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