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Article:
Learning the Disturbing Facts about Credit Card Debt by: Richard D. Schrader When I received my first credit card in the mail at age 18 I was ecstatic, I said to myself, wow now I'm getting somewhere in life. This credit card company thinks I'm worthy of 500 dollars in credit. So I made my monthly payments like a good consumer and watched my credit limit grow. I thought boy this company must think alot of me to take such a risk. I however had no idea how the money came into existence. All I cared about was that as long as when I slapped the plastic down I was approved. Like most young people I had no idea what an interest rate even was much less how it effected my monthly payments. I was like a lot of kids in America today, my parents were not a big part of my early adult life and so I really didn't have much guidance when it came to making financial decisions. The lessons I learned were hard and I continue to learn as each day passes. After all what is credit? When you get that 'Pre-Approved' application in the mail, does that mean that the credit card companies have been watching you personally and are rewarding you for having so called 'good credit,' Of course not, they are looking to make money just like any business, and they are making a lot of it. Today there are thousands of people who are losing their homes, farms, and businesses because they do not understand the meaning of credit. This article will explain the difference between money and credit and will show you how the banks create 'credit' and pretend that it is 'money'. There has been a monetary debate in our country for some time now and that debate focuses on two central issues. First that only gold and silver are Constitutional money Article I Section 10 clause 1U.S. Constitution and second that the dollar is defined by the Mint Act of '1792
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