Credit Cards

When I told my Daughter about my blog suggesting interest on debt be made illegal, she said, ‘What about credit cards?’ At first I was confused by this but eventually I understood that charging interest is one of the credit card issuers incentives for people to pay their credit card debt and without the ability to charge interest, credit card issuers would have less incentive to issue credit to credit card holders. True, but then again, would this be a bad thing?
In truth, the major incentive to make payments on credit cards or any other debt incurred is your own honesty and your credit rating.
I owned credit cards for years and simply played the system by paying when billed, thus avoiding any interest charges and gaining the benefits of having ready credit and whatever perks the card carried. Then came my financial crunch when more money was going out than coming in and like many others, I maxed out my credit card and accepted the interest charges as part of my life. After a year or two of paying about $200 per month of interest, my wife pointed out that this was equivalent to a couple of sessions of the work we were doing and together, we took the intention of getting out of credit card debt, so this money was available to us rather than being paid to the credit card issuer. The Universe cooperated and we soon paid off the credit card balance and returned to paying in full as billed. This gave me perspective.
Many people operate in the mode of maxed out credit cards and simply pay the interest monthly as well as whatever purchases they were able to squeeze onto the card based on their ability to pay the previous month. This is usury in my view, but making charging interest on debt illegal would solve the problem.
What would happen to credit cards if charging interest were made illegal? If credit cards disappeared, all of this would go with it and we would go back to cash or debit, or whatever other credit agreements people worked out. None of this would represent any great hardship except to the credit card companies, who would be deprived of their primary source of income. Merchants would be quite happy to see credit cards gone because at present, the credit card issuers charge merchants a fee for each transaction. Some merchants resisted this initially, but most gave up the fight instead of losing customers to merchants accepting credit cards.
It could be left up to each credit card provider in terms of their willingness to provide the service and that is neither here nor there. Each credit card holder could pay off their outstanding balance without seeing it rise monthly due to interest. One more banking abuse of the weak and needy would be eliminated.
Again, the only loser in making charging interest on debt illegal would be those presently charging interest; in this case the credit card companies, usually owned by banks, although others are getting involved.
Let’s take back our power. Let’s make charging interest on debt illegal. As we have seen, the winners with this change are the weak and disadvantaged. The losers are the rich and powerful.
Freedom for humanity…

About freedom4humanity

Serving Humanity with information about the Divine process of Ascension.
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