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It is my honest opinion that every person that has one credit card or more intends to pay their monthly bill on time. Society regulates that our credit report is very important. The Credit Bureau gives us the impression that they are there to protect us. Tell me why three major companies control and open the door to many other companies into my credit report without my knowledge or permission. The inquiries bring down your credit score, that is a known fact.

The state of economy has left a lot of us to have very bad credit in our reports. Did you know that credit cards are unsecured debt? When you send a late payment in to a credit card company your interest rate is up to 30 percent. I worked for one of the biggest credit card companies in the world. That was a fun experience, I had never worked in a “call center”. I sat next to a guy that was out right scary. He looked like Charles Manson, and acted weird. That’s another story in itself the way I was treated.

Credit card companies can not collect on unsecured debt. They do not want you to know that. The way it works is they will try to collect for a certain period of time, then there is the “charge off’. This is important, from the last day you ever sent them a payment, or from the date of the charge off, count 7 years. The Credit Bureau has to remove all that negative reporting off your report. That is why the credit card companies try so hard to get a small payment to keep the time going on and on. The 7 year credit report will be so clean that You can start over. I have seen, big companies, have the sheriff send court papers, happened to me, you must accept them or they win by default but they still get nothing. I read yesterday that the major credit card companies even though they are having the government buy their bad debt, how nice for them, are willing to give you 40 percent off your balance. The reason is to avoid the 7 years.

The Banking Industry is not stupid by any means, they are very calculating, they know if a debt is under $5,000.00 they can try small claims court. You go and appear and tell the judge you have nothing to give. The credit card companies months before the bail out were raising the interest rates on good and current customers to off set the loss of non paying cardholders. There latest tactic is to reduce the credit lines, and take back equity lines of credit.

A bad credit report score will allow you to live within your means and buy in cash only. That is not a bad thing. People have been brainwashed into thinking the way that the major companies want you to think. There is no store or industry I know about that will ever refuse to be paid in cash green money. Think about it, companies hide cash money, it benefit’s the company.

I believe as others do that the bail out money should have been given to the people, not the banks. WE should not be paying it back to any one. We lost our jobs, we are struggling, we are the backbone of this economy. People could have paid off their mortgages directly to the banks, loans would not be in default and homes foreclosed. Banks will be holding useless property that will rot before it is sold. I did not realize that so many businesses in this country were operating off credit lines. What is going on here, in my day if you opened a business and there is no profit and only loss you are out of business, you close down and try something else. That is why there are no jobs, no available credit money.

I do not know what the end result will be I do remember however my 6thgrade science teacher, Mr. Quad telling us that it was “survival of the fittest”

In closing I will say do not feel bad and loose any sleep over your credit card bills, think cash!!!