What will giving it all back do?

I use this as an example for all good, decent Americans struggling with no job, their credit ruined, and higher and higher living costs. The threat offered by those who pursue relentlessly is that they will ruin your credit. Really, what credit? In most cases they and others have already impacted your credit worthiness. Just like the car financing marketing ads, if your beacon score is 740 or higher you get 0% financing and who needs credit. Credit in my opinion and in these times is for the haves who do not need it. yes and if your a reader who says this doesn't impact you because you don't use credit cards, think again my friend, it impacts you directly in more ways then you know. And lets hope you never, as some persons I know once told me, they will never be in that position, only to have it happen to them.

Re: Credit Card debt. I sent a letter to our, or I should say those representatives in Congress. concerning the issue I am writing to today. Once more piece of the domino.  Perhaps one from you would help? It has gone to the varied leaderships in both Houses. Now I have spoken to this before in earlier articles in most of my writings concerning the impact to this nation and our economy.  The following issues are what in my opinion are no less then immoral and frankly it is an abuse of decency that should not be permitted any longer.

I think it important and significant that Credit Card debt is unsecured debt. In effect a signature loan? Just what ever happened to "Assigned Risk"? That is where the issuer holds all the risk. Hey you want to lend you take the chance. Now get this, they have taken that "unsecured debt" and they have secured it through legislation. You see Credit is the tool for Free Market expansion. It opens the gate wide for purchasing! While certainly all moral people desire to pay back their debts there are some who will not and you will never change those types. Yet, to push good, decent people over the edge is in my opinion a blight on everyone who sets their interpretation of "responsibility" in this manner. Yes, in my opinion they need to reexamine their souls for the harm they cause in what they have done and failed to do.

This industry in my opinion is not about making a fair and honest profit but all about excessive profits and abuse / harassment. I will list these facts for your consideration.

Under the current economic times and really at any time the goal should not be to push people over the brink to financial ruin. Now no one is arguing that the people who do this are their own worse enemy in buying when they shouldn’t, wanting more and more materialistic possessions, lack organizational and financial skills. However, and that however is a big one, get sick and you will know. They do hound you to the grave and beyond. In fact lose a job and see. The list is endless concerning how many "responsible" people get into trouble through no fault of their own. Ok, I guess as these types say, ‘they fell through the cracks" or that’s the way the cookie crumbles". So here is what one can expect if you owe these types any money.

1- Unless you pay you will be destroyed, mentally, emotionally and financially.

2- Exorbitant interest rates push people from being able to make their monthly payments well past that ability. Why, their rates jumps significantly, Congress has imposed a "payback" amount which is added to each monthly charge, excessive late fees and other charges with no grace periods grow the amount due enormously so that you can never really pay it off.

2- Consistent telephone and other forms of harassment regardless if you called them back, oreven paid, the calls will continue until the payment posts. Even if you are or have a sicknessor other hardship. Yes, and even after contacting them they will all day long 5, 6, 8 times a day every hour  and sometimes even after 9 PM until paid. They will use "unknown numbers", 0 Numbers, Telemarketing schemes, have others call all in violation of the law. Yes they will call you cell phone, your employer, family and friends and do other harm to your reputation, regardless of your circumstances.

3- To think government agencies are the answer is to be kind naive. Toothless entities and that’sa fact Jack as the movie says. Also to pay any fines is much less expensive for them and another facade in my opinion of the highest magnitude.

4- Why, our government provides them many money making opportunities even with the so called bad debt and that’s another fact. They get from "our" government write off’s for their unsecured debt and other accounting advantages

5- The borrower is punished for years because your credit is ruined. You may be forced to go into bankruptcy. Something they do not mind doing. To think that these payment plans, the credit reporting agencies and others that are a part of this industry help is in my opinion and once again to be kind naive. This is a major player in employment, the courts, lawyers, Collection Agencies and yes hospitals and yes the medical necessities which come from it all.

6- Bankruptcy protection has been changed in the favor of these Credit Card agencies all for "unsecured debt" by the likes likes of the good Senator from NY and I do not mean Hillary. The government has whittled down what little protection afforded before under the guise of get this "fiscal responsibility". Hey Mr. Senator you know who I am addressing. Yes, one of that "Washington Crowd" many love. You took away the last bastion of protection in changing the bankruptcy laws and at the mercy of this heinous system. You have destroyed a persons ability to secure required things for living in this society like employment, purchases of required and mandated government items like car and home insurance. Can they get that sure, but do you know the costs? You have in effect destroyed a segment of the purchasing public by forcing them into higher and higher cost options and in effect have increased government costs for social services, medical help, education and on and on and on.

7- Opting out, so, as these Senators think, you can elect to opt out. Sorry, no you can't opt out once in default and do you really think a 30, 60 or 90 day notice will help, really?

So you who lead please don’t make a bad situation worse which seems to be the expertise of those in Washington. If one talks about debt and responsibility then just open the door and look about. Good, decent people everywhere in trouble and this is just one more element of the destruction of our average working class American citizens. It is becoming you can't secure a job, get a loan, buy insurance, or anything. It is getting to the point, yes the literal point, where good people of all walks would just rather walk away and damn the credit report, liens and these companies. Then what will these big conglomerates do? You can't get blood from a stone.

So what we as average Americans and Americans of all walks of life are looking for is an intelligent answer from our government. Ok, enough humor regarding a serious subject. It is not that good people do not want to pay back the money owed. The question is can they and if they can at what rates without a total negative to ones ability to work, secure services, or provide for their loved ones. In my opinion this Congress can no longer claim that by their actions and works that they are not a part of allowing this immoral business to continue. Fair is one thing usurious another.

Until we average Americans demand a change that is fair and just for all parties and one that is not usurious, we will continue to drive down this economy. We already have Foreclosures, we have auto’s being returned to their lender in unprecedented numbers, we have homea going back to the lenders and from people who can afford to pay. We have no good, stay here jobs that Americans can work and on and on and on. This is just one more nail and a rusty one at that.

So when the media screams about people are searching for a new voice, a bright light, a beacon of hope. Hey when your drowning you better have some hope. After all most are the sheep and they will follow whoever offers them that path. Yet, here is the sin of all sins as far as these leaders go. If you elect that bright and shining star, the ones who profess much but have done little and have given you just what 85% of us say we do not want, yes a fact given you and us all, by what they have done or failed to do then if they do not make those changes they profess to want to do, which they can do now but somehow don’t address, what will you say?

These candidates have said openly they support and will push Comprehensive Immigration. Something 85% of you have said you do not want. They are all Free Traders. They all speak openly to helping the world. So I ask this, can you hear? Do you comprehend? Do you understand that there will be no change in the major aspects of where this nation is heading? Is that not blatantly clear? Yes and once again so did Hitler.

Then my friends, yes you who profess that you like them, take a good look in the mirror and see who you really are. Hey not derogatory, just a fact.  You are in effect like them.

For any real change we must change them all. To believe otherwise is in my opinion to not accept reality. Hey, like I said if I’m wrong then what is one person and I would prefer to be wrong in this case. However, if we are all wrong then what does that forebode?

Robert T. Melaccio Sr. 2008 Copyright ©2008 Robert Melaccio