Next big crisis will be credit card debt
With the mortgage crisis still with us, the next big mess is coming. It is the other shoe dropping -- the credit card mess -- and it will be a big shoe.
American credit card debt is $850 billion, twice as much as the debt of the world's 54 poorest counties. The average household carries $9,659 of credit card debt.
Those who pay off their bill every month are known as "deadbeats," as they pay no interest, which is about 14 percent APR.
Last year, credit card companies mailed out 8 billion card offers and the average card holder has seven credit cards. Americans charged $51 billion of fast food.
In 1996, the Supreme Court struck down limits to credit card fee limits and the average late fee has jumped 162 percent since then. In 2006, credit card companies made $90.1 billion in interest and $55.2 billion in late fees.
Nearly 65 percent of those filing for bankruptcy owe a year's salary in credit card debt and at the request of the credit cards companies, Congress tightened the requirements for bankruptcy.
Credit card companies made $8.5 million in campaign contributions to congressmen. Surprise!
Homeowners spent more than $150 billion from second mortgages to pay off credit cards. Some cars purchased with sub-prime auto loans have a device that disables the car if payments are missed. It is called a "Payment Protective System On Time" device.
In 1978, the Supreme Court ruled that issuing credit card banks only have to follow the interest rate limits in the state that they are based in, not the state where the customer lives.
Citibank's credit card division moved to North Dakota, which had just voided its usury laws.
In Dante's "Inferno," usurers occupy the seventh circle of Hell. Thanks to Mother Jones magazine for this data.
Raleigh Sutton
Elgin
Congress must take on Bush over war
We have had enough of the Bush/Cheney regime. Their continued violations of our Constitution and international law is intolerable.
I would never have imagined this administration would allow the leaders of the 9/11 attack on the U.S. to send us taunting video messages six years later, while using the attack as an excuse to execute a poorly planned invasion and occupation of a country not involved in the attack.
The latest White House scheme to prolong the occupation of Iraq by restricting General David Petraeus' report to Congress will backfire.
Democracy will never be served by spin, lies and propaganda. Congress must demand truth from this administration and we need a unified effort from both parties to get it.
The members of Congress who ignore the facts and continue to promote the bloodshed in Iraq must accept responsibility for the enormous loss of innocent life.
They need to demand a full written report from Gen. Petraeus.
Have him explain how the body count is reached and what factors are used to assess and record progress. If General Petraeus does not include the details of the weapons and cash provided to the Sunnis, former insurgents, in Anbar, then you should ask him for this information during his verbal report to Congress.
More than any other time in modern history, we need representatives with the courage to challenge the executive branch.
Brad Vineyard
Oswego