U.S. economy: Busted and disgusted

March 7, 2010

The San Marcos Record Sun Mar 07, 2010, 06:09 AM CST

— Editor,

On your monthly credit card statement, credit card companies via Congress made it easier to see how much we owe on our credit cards and it now it is easier to see that we will not be able to pay off our balance within our lifetime, at the minimum payment because we will never catch up to the balance with the high interest rates the same Congress permitted under the previous legislation.

Which is why a lot of people nationwide are opting not to pay anything off. They would rather have a bad credit rating than to pay off an endless cycle of statements. So they will live without a good credit score but they will not have to pay $200 per month on a statement that is endless and still affects their credit report.

But people asked for it by abusing their buying power and making purchases way above their budget capability.

Credit corporations asked for it because they made contracts that few could understand to attempt to satiate their enormous greed, while all along they knew the majority of people soon could not pay back.

Legislators are part of the problem because they permitted all of it to happen in the good name of capitalism.

And now, that the majority of people no longer can pay-off their debt, even during their lifetime, the administration in D.C. pushed to redefine the laws for borrowing and credit cards.

Sorry, guys, "too little, too late."

Furthermore, now with all that going on, millions of people are unemployed, more are losing their jobs and there are few jobs being created and all this while the government is trying to stop paying unemployment extension benefits for people who can't find work.

It is a vicious cycle and there’s no end in sight.

Peter Stern

Driftwood

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U.S. economy: Busted and disgusted

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