We need to understand how the business of consumer debt is strangling American households with usurious terms and unavoidable pricing tricks that are the direct result of relaxed government regulations and the carefully planned policies of corporate lenders.
As usual, a tiny elite is fattening itself by exploiting the poor and unwary, this time with interest rates and practices that would make a Mafia loan shark blush. Hell yes, it’s a class thing.
When I graduated from college I had a then, to me, stratospheric amount of credit card and student loan debt, about $8,000 or so. It took me several years to pay it off and since then, I always pay off the credit card balance each month with the result that my credit score is now 803. As a car dealer once told me, with a score like that you can drive off with any car on the lot based on your signature alone.So, I learned to manage my debt. But for many, facing high rents or medical bills, using plastic money is the only recourse. Plus they may be unaware of what the interest and fees are, and get caught is a spiral of debt they can’t get out of. Congress, of course, sits by idly until the exploitation gets so blatant they can’t ignore it any more (like is happening now) but by then it’s too late for millions of Americans.
Watch the trailer to In Debt We Trust, this is an issue we all need to mobilize on.