Obama and Credit Cards
*****In more schizophrenic maneuvering by our current President, we must now shift our focus to reforming (controlling) the credit card industry. Credit card issuers (the banks that just received billions of our dollars), are headed for major restructuring and oversight by our government.
*****Why is Obama so concerned with credit cards? Simple! He needs you to spend money. Never mind it's money you don't have, for purchases of items you don't need or are incapable of paying back. If the government can operate on that basis, why can't you?
*****I'm old enough to remember when the concept of the credit card as it now operates was first sold to an unsuspecting public. In the "old days" when a larger purchase was made from a department store, such as for furniture or an appliance, only the very credit worthy were allowed to put it on a "contract account", which was much like a bank loan. There was a set interest amount and a fixed payment each month with no penalty for paying it off early. They soon discovered that a revolving account, allowing them to charge interest on the unpaid balance, would make them way more money.
*****I worked in the bookkeeping department at Montgomery Wards while I was a senior in high school. I saw what they did to customers who insisted on putting an item on a contract account rather than opening a revolving account. They shagged those people all over the store and generally wore them down until, out of frustration, they put their purchase on a shiny new revolving account.
***** In 1950, we saw the emergence of the first of what we consider to be the "credit card" as we know it today. Diners Club issued a card primarily for businessmen for entertainment and such. In 1951, Franklin Bank issued the Charge-It Card that could be used at retail establishments of all sorts.
****In 1958, American Express issued the "Don't leave home without it" card. I can attest to the fact that acquiring an American Express card was a huge deal. Only the very top of the income brackets could lay their hands on this card and it became a status symbol.
****The first revolving-credit card that could be used at most retailers was issued in the State of California by the Bank of America. It was the first major card to offer payment options to the cardholders. Pay it off at the end of the month (a requirement of American Express), or the cardholder could make monthly payments. The company charged interest on the remaining balances, thus starting the enslavement of the American people to buying what they couldn't afford and probably didn't need.
*****Anyone who has a mail box knows how aggressively credit cards are marketed. College campuses are inundated each fall with reps trying to cram credit cards down the immature throats of freshmen. It is normal for people to have five or ten major credit cards. The average consumer debt of households in the year 2000 was $12,000.00. I'm sure it's much higher now.
*****So now we have our current President mopping up the credit card industry to entice you to spend more money. Do the credit card issuers operate deceptively? Yep! Do they victimize the consumer? Nope! Because, and listen closely here, you can't be victimized without your consent.
*****If you have credit cards, get rid of them. If you owe money, pay it off. Dave Ramsey has a good plan for this and one I highly recommend. We don't use credit cards and even though most people would consider our income nothing to chat with their neighbors about, we live like a king and queen.
"I know how to live on almost nothing or with everything. I have learned the secret of contentment in every situation, whether it be a full stomach or hunger, plenty or want; for I can do everything God asks me to with the help of Christ who gives me the strength and power." Philippians 4:12-13
Robert Stacy McCain
******Mr. McCain, being the class act blogger that he is, was nice enough to mention me today. His post on marriage and the contraception mentality of the people this country was excellent.
*****Now go read what he has to say about the Catholic Church. I recognize truth where ever it is found. His views of some of the current problems with the Church are dead on. Time for the Catholics to wake up and smell the incense.
Plenty of time to nominate ME in any and all categories
*****The Crescat continues to accept nominations for her premier event of the year - The Cannonball Catholic Blog Awards. Things are really heating up in the "best blog by a religious who's not Father Z" category.
*****Later today, I will be heading over with many nominations. Be sure and leave the URL of the blog you are nominating to make Carolina Cannonball's job easier.
Why Go to Daily Mass
*****Ironic Catholic has twelve good reasons. I'm pretty bad at taking advantage of daily Mass. This list of reasons made a difference for me.