Creditor Practices

Well , In a fine style of journalism here I am going to publish a suprising finding about our supposedly economic recovery in America. It might not come as too much surprise to my readers that everything from gas to consumer goods is growing more expensive but then that is widely known. What is not really known much about is the interest rates for homes,car and credit are going through the roof because of a little known law in America that called the FAIR CREDIT ACT that allows banks,lenders and credit card companies to charge asorbant fees for using their services. You must have seen it recently when Citibank and a few other got their hand caught in the cookie jar because they had stuck in a whole host of new fees in fine print that until recently never came to light that they were doing that to credit customers. That is just the part of the whole picture that most people who are on the recieving end got a silent screwing by paying more in endless interest hikes and misalanious fees on the bill statements. Most people unfortnutely neve bother to question what the credit and mortage comapnies are doing because they feel they are trust worthy which is how they have gone under the radar for so long. To add insult to it you have some elected officials who take pact money contributions to get elected from the very same companies that jack up your bill in the mail by adding high rates of fees and interest. It used to be before the Fair Credit Act was passed under a old law that you as a credit company could only charge a maximum of 33 percent interest on all of the balances held by a credit customer. Well, that all changed after the passage of this new law in 2010 in which now the sky is the limit on interest rates as high as 43 percent is now the normal for customers of lenders. Then came the next wave of changes that allowed banks to change the way they do business because before they had to go by what the Federal Reserse rules told them to do. Now a days they can pretty much do what ever they want to do like reposess your home or car with or without ever having real creditor interest in the item. Think back only about a year ago to when it came to light that  Bank of America was and still is silently continuing to repo homes and cars etc. that it has limited to no stake of ownership in which is wrong to do. Some of the companies I have mentioned and others not listed but well known here certianly have profited from this parctice as well as from the legal changes that now allow them to do this to customers of credit. You see that if you do it long enough and you put laws into place that allow you to get away with unfair business practices then nobody after awhile complains about it. The fact that that is being allowed to happen is actually hurting lots of people in America by hiking interest rates and adding hidden fees and other things that make everything more expensive to live which in turn drags down a our economy. So what do you do? Well, good question and this is the reply to that in that you have to red the fine print before you sign any loan agreement including credit cards or you are opening yourself up to being stuck once you agree to their terms. The second thing is which most people in America find it hard to do is not to overspend and then you don't need credit to sustain your life. Third is cut up all your credit card and pay off all your current debt to zero balance then start a new saving and investment plan which is what any good investment advisor will tell you is how you begin to build wealth. Then you don't have to worry about what the creditors are doing because hopefully they will not have any stake in owning your lifes saving and investments like your home and your car etc. This is wealth building tools that any smart person can use to grow a good debt free life and use resources wisely to gain everything that you want and need for yourself and your family.