Fight The Power - Banks (Part II)
The Fight The Power series will be my writings about our daily struggle with those in position of power. First and foremost is government and will include banking, pharmaceutical, oil companies, politicians, bosses and any other form of power that is being abusive towards us regular folk.
I had to write another post about banks and how they prey on people’s weaknesses. I know that the ultimate responsibility of a person’s financial situation is up them. But the more I look into how banks try to violate people the more I get pissed. And since I just went through a horrendous experience with one of my banks this post is again my way of fighting the power.
As this BBC video demonstrates, credit cards are the banks biggest source of income, especially for the big five banks in this country. And as the BBC video demonstrates they will give you credit until you choke on it, misuse it and possibly commit suicide. A bank might possibly give you four different looking credit cards and raise your credit on each one, and know that you can’t possible pay them off.
Banks know your financial situation. They know your salary. But they don’t care. They will suck you dry. They will clog your mailbox until it is choking with credit card offers. There sales force will do everything to make their monthly quotas. They absolutely adore people that are weak and make minimum credit card payments. These weak people are by far their favorite customers. They adore young people, fresh out of college, starting out in life. Hell they even set up shop on college campuses.
I used to be weak. As a reward for being weak I got a gold Visa card. A gold card made me feel important. Now everyone seems to have one, so I need a platinum card….or not.
So what can you do?
Don’t use a credit card to always have the latest and greatest of everything. True happiness is found in relationships, purpose, charity, beer and mindfulness.
As I’ve written before, live within your means. Don’t spend more than you take in. It’s that simple.
Don’t use credit cards. Period. If you really need one for renting a car or something, get one with a small limit.
Teach your kids about using credit. They don’t teach this in school.
About the Author
Terry Vermeylen is one of those rare people that is passionately driven to help others unlock their own barriers toward fulfillment, meaning and purpose. He is the founder of http://www.mylifechanges.com/, an Internet value identification and goal setting enterprise.
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