The Credit Card Financial Prison

My thoughts on the credit card debt scam precisely. Enjoy the read and get off the plastic.

FICO and the Credit Card Financial Prison: How a Three Digit Credit Score Reflects Consumerism and not Financial Independence.

Americans carry $900 billion in credit card debt.  Approximately 75 percent of all those eligible for credit, those that are 18 years or older, have a credit rating score at any given time.  This mysterious three digit score named a FICO Score is the basis for loans, interest rates, and should reflect your ability to manage debt.  Yet this is one of those confusing public relation developed ideas that tries to water down the fact that going into debt is somehow good for average Americans.  Not only is going into debt good, you now have a credit score that is supposed to be some kind of financial report card.

Like the rating agencies labeling crap mortgage backed securities as “AAA” and turning out to be more like “FFF” people need to examine the entire system from the ground up.  The credit card industry is gouging the living daylights out of consumers as the unemployment and underemployment rate hits 17.5 percent. You would think that the banking sector that owes its life to the American taxpayer for bailing it out would have some sympathy.  Instead, the new Wall Street oligarchy is running the show and we have new feudal lords running this country.  The credit card is merely your key into the kingdom of serfdom.

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