Dear America: Better Read the Fine Print on Your Credit Card Statement

sentinelblog

Source: OfTwoMinds blog, by Charles Hugh-Smith

What will replace the current system after it self-destructs? That’s the question.
You know those disclosures on your credit card statements? That it will take 27 years to pay off your balance if you only make the minimum payment each month, and so on?
You might not be aware of it, but America’s “credit card”–our national debt–comes with its own disclosure statement:

Here’s a chart of America’s credit card: clearly, any credit line expanding this fast will bankrupt the borrower, regardless of their income.

I often refer to debt serfdom, the servitude debt enforces on borrowers. The mechanism of this servitude is interest, and today I turn to two knowledgeable correspondents for explanations of the consequences of interest.
Correspondent D.L.J. explains how debt/interest is the underlying engine of rising income/wealth disparity:
If…

View original post 268 more words

Advertisements

♥Thanks for sharing♥

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s