28 Jul Credit Card Users Refuse To Pay. Join The Fight.
Ruthless Defaulters is the name banks give to the increasing population of credit card account holders who purposely refuse to pay the bill, so says David Streitfeld in the NY Times story, When Debtors Decide to Default.
And these defaulters are finding support from others consumers who are just beginning to understand high interest rates make repayment difficult, if not impossible, according to Corey Calabrese, administrator of the Manhattan Civil Court walk-in clinic.
Banks encourage and promote charging over cash payment. Marketing ads portray the world flourishing along with credit card use, but screeching to a grinding halt upon a cash purchase.
When banks overextended credit to farmers in the last half of the past century, it was other farmers who attended the farm sale and shouted No sale, No sale. Now consumers need to examine their own accounts and demand reform of unilateral terms imposed by these banks.
For more information, Jonathan Ginsberg writes about the new Credit Cardholders Bill of Rights Act of 2009.
Andy Miofsky, Esq.
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