The collective credit card debt in the United States is 250 billion dollars. That is absolutely disgusting. Today, Senator Levin started legislature to do something about the interest rates tactics that these credit card companies use. At least it's a step in the right direction.
Yesterday was supposed to be a gas-out. Why? For what reason? It was the most unsuccessful thing I've heard of in the past month. Gas prices did not drop yesterday nor did they drop today. Boycotting something that is in such great demand will not result in a lower price. It is inevitable that we are paying over $3.00 a gallon for the stuff that our life revolves around. We are the country with the most cars and highest demand, yet we pay some of the lowest prices for fuel. It all evens out in the grand scheme of things - some people just have to pull their head of their own ass and see things in a global way. We are not the only people out there.
Being a boss is hard work but it's work I enjoy. Sometimes more than others. But I am not there to be their friend and I am not out to get them. I am simply there to enforce the rules and challenge them to meet the expectations that come working in a public institution. There are several factors that cause this to be harder for some than for others and it's quite the educational experience.
16 May 2007
I Got Nothin
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The collective credit card debt figure is staggering, but what do we expect given the predatory tactics employed by the credit card companies in signing people up for cards and then collecting fees.
All along using deceptive methods so that consumers incur late fees not to mention hiding other fees like interchange (which totaled $36 billion last year). I've actually been following this issue in my work with www.unfaircreditcardfees.com.
I'm not sure how familiar you are with interchange fees, but the most obvious problem is that the banks that make up Visa and MasterCard have colluded to set these fees, operating in price-fixing cartels that would violate federal antitrust law in other industries. Aside from that these fees raise the price of everything we buy and are charged on the sale price as well as sales tax amounting to a tax on a tax.
Senator Levin held one hearing on interchange already and has vowed to further examine this problem. I'm pleased to see Congress addressing these issues.
Thanks.
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