Credit Card Debt Relief Obama
Why credit card companies like American Express are getting bailout funds under TARP?
Obama created Troubled Asset Relief Program to help “make balance sheet of banks good so that they can continue to lend”. But credit card company is NOT bank and they don’t lend — they put you in further debt.
Obama thinks that if American Express issues more credit cards, the economy will revive? Thats creating more national debt because its plastic money, not real money. Unless and until plastic money is paid in full, you can’t rely on it to stimulate the economy. Later people default on their credit card bill. Millions are already defaulting.
What I find interesting is that companies like Amex are getting TARP money AND they are reducing the credit limit on good customers. B of A, Chase, and Citi are all doing the same. How can they take government money that is intended to help the consumer and then hurt the consumer by reducing or eliminating their credit limits? To me it is pure greed!
Add to that the fact that Wells Fargo, a TARP recipient, just announced huge 1st quarter profits! Go figure!
Credit Card Companies are adding MISERY to this economy!
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.