Who’s responsible for our “Debt Dilemma”?

Who should pay the price?

The responsibility and the consequences for our Two and One Half Trillion Dollar consumer credit card debt dilemma must be shared by all the three major players in the credit card debt game: (1) primarily you the consumer, (2) the creditors (lenders/credit card companies) and (3) the system (our government) that allows the “Legalized Loan Shark” creditors (or should I say predators) to deceitfully take advantage of unsophisticated and vulnerable consumers.

Let’s take a closer look at whose to blame and who should pay the price:

The lion’s share goes to you - No matter how unscrupulous the money lenders are (and they certainly are) and how un-protective of the consumer and permissive of the lenders our elected officials are, you still bare the brunt of the blame. Let’s face it guys and gals no one was holding a gun to your head when you purchased that Plasma TV that you knew you could not afford.

The “Legalized Loan Shark” creditors (lenders) – or perhaps more aptly put the predators who continue to abuse us using scams, trickery and bad faith to bleed us dry. It’s not personal but they know exactly what they are doing and they don’t care. All they want is our money and how taking it affects us and our families is of absolutely no concern to them.

The seriously flawed money lending system that we must work within that continues to allow credit grantors to perpetrate their abusive practices on the consumer. The new bankruptcy law is the latest example. Entitled the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005” it should have been called “The Bankruptcy Abuse Preservation and Credit Card Lender Enrichment Act of 2005”. This law, which was literally purchased by the lending establishment with political contributions reportedly approaching fifty million dollars, is a major assault against our civil liberties. It’s the kind of legislation that can contribute to bringing this great nation down. Shame on you the Congress and you Mr. President; how can you pass a law that preserves enormous abuse against the people who elected you?

People caught in this trap must fight back!

Consumers who have been suckered into the lenders “debt traps” must fight back. If necessary, they must use the leverage they have to set up a workout arrangement to settle their debts. It’s not wrong, unethical, ungodly or dishonest. In reality, it’s actually a gift from you to them. It reflects your desire to do the right thing. And, it enables creditors to recover funds on debts that the federal bankruptcy laws give you the right to walk away from. There is no wrongdoing here!

There is no question that the primary responsibility for your problem with debt is yours, whether it was caused by voluntary irresponsible spending or by events in your life that you had no control over. But there is also no question that the lenders took advantage of a defective and unfair system and did everything they could to entrap you into the mess that you’re in. “They aided and abetted and thus they must share the responsibility and the consequences”. Yes, working out your debts serves your interests but it also serves theirs. It’s a “win / win” and don’t think for a minute that the “Legalized Loan Sharks” don’t know it. 

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