Education

How "Credit Card Debt" is Created
and How it Affects You.

We slaved for Ten years, writing requests for full disclosure and helping our customers demand answers on their credit card debt. We Discovered the Secrets of credit card debt the bank doesn't want you to know about. The Truth Is Shocking!

#1. You are either solicited by or receive an application for a credit card (applications are actually sent out by credit reporting agencies). You fill it out and send it in.

#2. The credit card bank conducts an actuary just like an insurance company to determine what you're worth. They apply to the Federal Reserve and set up an account with your name on it. The credit card bank deposits money into its special accounts.

#3. Your credit card application is actually deposited by the bank with account numbers, and special codes. Although it's really "debt", your credit card application is treated like money. And you and the ability to pay is the debit to balance out the account.

#4. You receive the credit card in the mail with a piece of paper called an agreement, which states the terms and conditions of your account. It’s a legally binding contract that takes effect the minute you use the credit card and create debt.

#5. Credit card fees, finance charges, and interest rates are NOT for a loan as you have been led to believe. It is payment for servicing your credit card debt. How do you know? The bank is not allowed to loan its own money by law, under U.S.C. Title 12. So they loan you your own credit and charge you appropriately for keeping the books.

So why are You here? Because you want to get out of credit card debt. You understand that you've become a slave to credit card banks and want to know how to become debt free.

The Federal government passed laws back in the 1970s to protect consumers, specifically when it applied to credit cards. Under the Truth In Lending Act, these banks were supposed to tell you the real truth about credit card debt and where the money came from. That included ALL of the terms and conditions on the account.

Go ahead, write to the credit card company under the Truth In Lending Act and see if you receive a response. No answer? They would rather negotiate your credit card debt and even eliminate credit card debt than answer and acknowledge the truth about how and why this debt was created. The bank can legally access and use Your credit to tip the balance sheet in their favor. The same banks just received the biggest bail-out in this country's history. And who paid their debts? You - The Taxpayer.

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