I call bullpucky on this news story...

[SlipperySlope]

Did you all see the news story today with the headline "Overdue Credit Card Bills Hit Record High" - http://news.yahoo.com/s/ap/20050928/ap_on_bi_ge/late_loans

The basics of the story is that late credit card payments have hit an all-time high, and the banks are blaming the high price of gasoline.

I call bullshit on that explanation. The banks are to blame, and they are trying to use the disaster as a way to shift the blame somewhere else.

Hasn't everybody heard that minimum payments to credit cards are in the process of nearly doubling? Does it come as some big surprise that people don't have anywhere to find the extra cash when their monthly blood money doubles?

But no..... Blame hurricaine Katrina, and the press will eat it up.

Bastards!

[yankeedem]

1. The Republican economic cycle

--- Raise gas prices

--- Force people to miss CC payments

--- Levy fees on the missed payment

See how new growth circulates through the economy?

[SlipperySlope]

2. Don't forget

You have to close the "bankruptcy loophole" before you start the cycle.

Wash, rinse, repeat, profit!

[Hello_Kitty]

3. Not to mention raising interest rates and minimum payments. n/t