No Credit From Presidential Candidates
Can you believe we are less than a year from the next presidential election? It seems like it was last month when Barack Obama won the Presidency. As of now I can’t think of any of the announced candidates that I would vote for under any circumstances. I stated several months ago, I’m still hopeful former New York State Governor Andrew Cuomo throws his hat in the ring. His leadership performance during the COVID crisis showed he is the prototype leader. But that’s just me.
If it comes down to Trump vs. Biden, I’m writing my own name in, or not voting at all for the Presidential spot. Biden cannot last another four years, especially considering the nation will be at war soon. I think the Democrats need a new outside-the-box political agenda that addresses real issues that face every day Americans.
Recently, for example, I was looking over my credit card statement and realized that my card that once had 0% introductory interest rate has crept up to a whopping 20% compounded daily. I got mad and googled the average interest rate on credit cards in America. The average credit card interest rate is 27.80%, according to Forbes Advisor’s weekly credit card rates report.
If I was to personally loan you a $100 @ 28% interest rate, I could be prosecuted for excessive usury and sent to jail. But financial institutions can do it legally and with no limits.
Congress could easily limit the interest rates the banks can charge and relieve Americans of billions of dollars of debt exuberated by usary rates. Why is it when the banks borrow money from the federal reserve bank, they are currently paying 5 % interest on that loan, but charge their credit card customers four times the interest rate they pay? Why? Because they can!
According to reports, family credit card balances have increased, on average, more than $3,000 over the last two years. Credit card delinquency rates have nearly doubled since 2021. This coincides with a spike in credit card interest rates, which rose from an average of less than 15 percent to almost 28 percent in less than two years.
In this article: Let’s not forget there’s a reason why Jesus Christ lost his cool and committed several felonies when he went into the temple of the money changers and started breaking up the place while talking stuff to the rich merchants in protest of the usury of money changers that were fleecing the people.
Did you know Jews and Muslims (and at one time Christians) are forbidden to charge each other interest among themselves? I’m saying this to say there is a fundamental immorality in extorting people with 28% compound interest on credit card loans. How much is enough? The same can be said about school loans. Imagine if students only had to pay back the principle of the loan. That would be completely fair for everyone. The banks would simply write off their losses on their taxes and life would go on.
Congress could limit the credit card interest rate at 10% . The Banks would still make plenty of money and the suckers ahh … I mean consumers could have some relief from the back breaking burden of perpetual credit card debt. That’s what I want my Presidential candidates to promise the American people.