On the lighter side of things... A little humor!!

A great SNL skit featuring Steve Martin.

Money as Debt

Paul Grignon's 47-minute animated presentation of "Money as Debt" tells in very simple and effective graphic terms what money is and how it ... all » is being created. It is an entertaining way to get the message out. The Cowichan Citizens Coalition and its "Duncan Initiative" received high praise from those who previewed it. I recommend it as a painless but hard-hitting educational tool and encourage the widest distribution and use by all groups concerned with the present unsustainable monetary system in Canada and the United States.

Debt Treadmill

A staggering number of credit card companies are drastically increasing the size of their pockets by padding their credit cards with all sorts of traps and tricks. This has been a premeditated and a systematic assault on the consumer. Once you have taken the bait and mistaken those inviting traps, such as zero interest, you then are caught in their web. The credit card companies are like a spider that waits patiently for its prey. The struggle begins when you try to become free of the stranglehold of the financial death trap. Most people become confused when looking for the exit. After that, it becomes next to impossible to escape.
Once you’re in their web, then you are financially drained with high interest charges, over-limit fees, late fees, disappearing grace periods, double cycle billing, and every other possible way in which to keep running your bill up. So you end up continuously paying and paying and paying. Not to mention the ongoing harassment over the phone, which make you quiver and dive for cover every time the phone rings. This is known as the “credit treadmill”.
The average adult American carries around $20,000 in unsecured credit card debt. This is structured by paying the minimal monthly payments that take years to pay off. Pay very close attention to the numbers below, they will reveal to you just how long you’ll end up running on the treadmill. Having charged up now $20,000 in credit card debt if you were to make the standard monthly minimum payments at an 8% interest rate it would take you 259 months to pay off your debt. This is equivalent to 21.5 years, and you would have paid back $7,194 in interest.
Wow! That’s a very long time, but look what happens if you were to stumble once while on the credit treadmill, the picture looks over 10 times worse. Let’s say you make just one little slip up and miss a payment or two, the credit card company suddenly jacks your interest up to a default rate in the high 20 to 30% range! Using 28% as an example, the same structured monthly minimum payments for $20,000 of debt you were carrying now will take 2,463 months, which is 205 years, and you will pay back $275,117 dollars in interest. The second scenario is right where the banks want you.
The major credit card companies are slowly bleeding Americans’ wallets to death over the course of their lives. Last year the credit card industry made a mind boggling $17.1 billion in controversial penalty fees alone. This is a ten fold rise in these types of fees over the past decade. In 1980, Americans rang up credit card debt to a staggering $69 billion a year. Now in the past year 2006, American credit card debt is at $1.8 trillion a year, and there is no sign of slowing down.
Every year millions of Americans end up naively jumping on the credit treadmill. In the beginning, you feel good to have all this credit and think, “it’s no problem because I won’t let this get out of hand.” How could you know what was going to happen though? Even if you read the very tiny fine print on the credit agreement, it is so deceptively written that even a Harvard graduate would have a hard time deciphering its meaning.

Recent Legislation Against Credit Card Companies

To the benefit of consumers, Congress has finally proposed legislation that will regulate how credit card companies charge interest known as the Credit Cardholder's Bill of Rights Act. The bill would protect cardholders from arbitrary rate increases and excessive fees, among other provisions. You may have fallen victim to interest rates increasing from 6% to 30% because you didnt pay an electric bill on time... or even more absurd, because your credit score went up! Although these rate changes are in the small print of your contract, ("any change to your credit score may result in interest rates increasing, blah,blah")they are clearly grossly unfair. You better believe that the Credit Card Companies are lobbying against this bill. Who is on the side of the consumer? We are on your side. Superior Debt has been actively lobbying in Congress to promote and pursue legislation to the benefit of consumers. Do you have a horror story? Let us take it to the Congress floor and have your voice heard!

Client Comments

To all of our clients...

Please feel free to post any comments or experiences you have had with Superior Debt Relief. We will only moderate those comments that attempt to advertise. It is our policy not to censor any negative feedback, and this is in fact appreciated. Help make us better! Let us know what you think.

How does debt settlement effect my credit?

When you enter into a debt settlement program, your credit will take a hit. However, when you are so deep in debt that you need a debt settlement program, chances are high that your credit score is already suffering. With Superior Debt Relief you can fix most of the damage done to your credit score because you go through 3 cycles of credit restoration following the program. With credit counsling, no such restoration is possible and a TPA (third part assisance) will appear on your credit report. This is just as bad as a Chapter 13 bankruptcy! Before entering into any credit counseling program, ask about this.

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