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According to the Federal Reserve, Americans currently hold more than $780 billion dollars in “revolving” credit card debt. “Revolving” debt is when the card holder pays only the minimum payment every month.
And many Americans who need help with debt are coming to the conclusion that making even the minimum payment is a waste of money.
The average interest rate charged on credit cards in the United States is 17.99%. A significant number of people are being charged higher rates ranging up to 29.99%.
While many states have usury laws that limit the interest that can be charged on a loan, national banks are allowed to ignore the state laws. Getting out of debt becomes very difficult when rates are that high.
“That’s why there’s so much revolving credit card debt still out there,” said Naomi Sharatt, an independent financial adviser in San Francisco, California. “The interest rates are so high that even if a person makes the monthly minimum payment and spends nothing on the card [url=http://www.airvapormax97.com/...x-97-undefeated.html]Cheap Nike Air Max 97 Undefeated[/url] , they will never get out of debt.”
The Federal Reserve’s credit card calculator backs her up — high balances and high interest rates never be paid off.
This would be galling enough for most tax payers, but it is made much worse by the special treatment the banks got from the government during the financial crisis.
Acting on instructions from Congress, the Federal Reserve made over $1.2 trillion in emergency loans to bankrupt banks.
And what interest did the banks pay on those loans? Less than one half of one percent.
So while the banks charged their customers an average rate of 17.99%, they got taxpayer money for 0.5% or less. This point is not lost on the average taxpayer, especially those facing credit card bankruptcy.
“The question we have,” said Karl Langford [url=http://www.airvapormax97.com/...max-97-ultra-17.html]Cheap Nike Air Max 97 Ultra '17[/url] , a 63 year old protester at a rally in Tiburon, a small town in northern California, “is why Congress will do anything to help the banks, but it can’t do a single thing to help us.”
Sites like DebtProtest address this sentiment directly. DebtProtest generates a detailed analysis of one’s debt situation, answering a basic question: have you already paid back more than you spent on your credit cards? If you have, the site suggests [url=http://www.airvapormax97.com/...ax-97-off-white.html]Cheap Nike Air Max 97 Off-White[/url] , then you have already paid your debt, at least from a moral point of view.
DebtProtest also provides a complete “plan of attack” for people considering defaulting on their credit card debt, including personalized strategies and letter templates.
A spokesperson for Triumph Media LLC, which runs DebtProtest, said, “We’ve seen a huge uptick in demand for our products. Americans are disgusted by the way the banks have been bailed out for nothing while they are still being charged outrageous interest rates and fees on their credit cards.”
While the protests in the streets might be easy for the banks and the politicians to dismiss [url=http://www.airvapormax97.com/...apormax-flyknit.html]Cheap Nike Air Vapormax Flyknit[/url] , it will be much harder for the banks to ignore the groundswell represented by DebtProtest and the Karl Langford’s of the world. Widespread defaults on that $780 billion of revolving debt may be part of the next economic cycle.
Nicholas Seigel writes about finance and the economy.
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