Posts Tagged 'Credit card'

9 Things To Embrace In 2017 To End Procrastination, Anxiety, Guilt, Frustration and Anger

As the year comes to a close, we all recognize that 2016 has brought us many surprises, all of them beautiful in their own way. If it wasn’t about a transition moving forward, we wouldn’t be here. So here are 9 things to embrace in 2017 for what is to be a new beginning of the new self.1. Accept Responsibility
Guilt is a trick of the mind. Accept responsibility for yourself, your life and your actions. You are response-able. ...

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Our Giant Experiment With “Greed Is Good” Has Failed

Another day, another example of the disastrous effect Reaganomics has had on our country’s business culture.

Ever since his bank was fined $185 million for illegally opening millions of accounts in its customers’ names to help boost profits, Wells Fargo CEO John Stumpf has insisted that he only discovered what was going on in 2013.

That’s what he said when testifying before Congress, and it’s what he’s said in all public remarks on the scandal.

There’s only one problem: John Stumpf appears to ...

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Pam Martens and Russ Martens – Wall Street Today: Fake Accounts, Fake Money, Fake Courts, Fake Regulators

Last Thursday, the Consumer Financial Protection Bureau (CFPB) announced that Wells Fargo was paying $185 million in fines and penalties for allowing its employees to open “more than two million deposit and credit card accounts” that were not authorized by its customers. The employees were attempting to “hit sales targets and receive bonuses.” In one of the most audacious forms of bank fraud, according to the CFPB, employees actually “transferred funds from consumers’ authorized accounts to temporarily fund the new, ...

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Sarah Lazare – Americans Are Drowning in Credit Card Debt, and It’s Not Because They Are ‘Irresponsible’

Amid soaring inequality [3] and stagnant wages [4], consumers in the United States collectively accumulated a stunning $34.4 billion in credit card debt during the second quarter of 2016 alone, according to a new report [5] from the personal finance website WalletHub.

This high number represents the greatest second-quarter accumulation since at least 1986, when such data was first recorded, and positions U.S. consumers to surpass “$1 trillion in outstanding balances for the first time by the end of 2016,” ...

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Developing Countries Emulate The US, Turn Citizens Into Debt Slaves

One of the big advantages of being a Latin American or Asian country used to be — somewhat counter-intuitively — the lack of credit available to most citizens. The banking system in, say, Brazil or Thailand simply wasn’t “advanced” enough to offer credit card, auto, or mortgage loans on a scale sufficient to turn the locals into US-style debt slaves.

But that, alas, is changing as those countries adopt their rich cousins’ worst habits.

Brazil, for instance, was once seen as a ...

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Quentin Fottrell – Most Americans have less than $1,000 in savings

Americans are living right on the edge — at least when it comes to financial planning.

Approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account, according to a new survey of more than 5,000 adults conducted this month by Google Consumer Survey forpersonal finance website GOBankingRates.com. “It’s worrisome that such a large percentage of Americans have so little set aside in a savings account,” says Cameron Huddleston, a ...

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L. ALI KHAN – Debt Serfdom in America

As of October 2015, American consumers owe $8.17 trillion in mortgages, $900 billion in credit cards, and $1.19 trillion in student loans. Home mortgages, credit cards, and student loans occupy the most of the consumer credit market.

The consumer credit market is the dream paradise of money merchants, known as moneylenders. Just as pharma companies sell drugs to make money by way of profit, money merchants sell money to make money by way of interest. Note again, money merchants sell money to make ...

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The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis By Michael Snyde

There has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at any moment.  As you are about to see, there are 24 nations that are currently facing a full-blown debt crisis, and there are 14 more that are rapidly heading toward one.  Right now, the debt to GDP ratio for the entire planet is up to an ...

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