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Prospector's Blog

22 Feb 2018

Credit card issuers and usury

Credit Cards | Prospector

If you have a credit card balance and are living worst than an indentured servant to the credit card issuer you need to know this. The effective annual interest rate on credit cards amount to 40 to 60 percent. If you were to pay the minimum balance of the credit card it would take you 130 years to pay off the alleged debt. Mind you I said alleged debt since it has been proven in the court of law that these usurers attempt to collect money without a contract. 

Research in Blacks law dictionary and search for the Statute of Frauds. You will find that no suit or action shall be maintained on certain classes of contracts unless there shall be a note or memorandum thereof in writing signed by the party to be charged. You never signed a contract on "old" credit card alleged debt, you may have signed an application.

If you are seeking more information on this topic you can buy the Erwin Rommel School of Law  Banking Seminar. It would behoove you to know how to handle these situations prior to default.

Photo credit: Jesus casting out the moneychangers by Carl Heinrich Bloch, Artist 1800's Public domain.

Go to this link if you have the slightest inclination of continuing to pay the usurers. The Scourge of Usury a moral discussion.

Comments

DaNumisMasta

Level 5

Fascinating

Jin

Level 3

Use responsibly

Mike

Level 7

If you don't know how to use them it's simple you shouldn't have them.

coinsbygary

Level 5

If you want to annoy the credit card companies and use them instead of them usury you, pay off your balance every month. Believe me, you cost them money when you do this. Sometimes I take advantage of 6, 12, 18 month same as cash deals. This is how I pay for my appliances from places like Best Buy. Be wise as serpents and gentle as doves as the same Jesus that cast out the money changers also said.

Prospector

Level 4

Actually there was no cost or risk to the credit card issuer in creating the maximum credit card limit.

CoinLady

Level 6

Many ppl need to see this. I guess the best way is to pay cash whenever possible.

Prospector

Level 4

If the credit card issuers wanted us to use credit as a tool only they would only issue interest free debit cards only.

Kepi

Level 6

Don't buy more than you can pay off the next day. I find that in order to buy online and at auction sites you need to use a credit card. I use my credit as a tool and then pay it off before interest kicks in.

Conan Barbarian

Level 5

thanks for the information and the blog. will keep it in mind

Mike

Level 7

Most of us who buy coins do it on a budget so no one gets in trouble with credit cards. If you do read your statement it will tell you how much you have to pay per month to get out of trouble. Buy smart. Mike

Prospector

Level 4

Your Welcome! Thanks you Longstrider for you comment.

Longstrider

Level 6

Wow!!! That is one powerful blog. Thanks!

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