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Debt Mountain The Credit Card System Revealed. Credit Card System Revealed You need a Base of Knowledge Current Laws Foundational Truth History of Credit.

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Presentation on theme: "Debt Mountain The Credit Card System Revealed. Credit Card System Revealed You need a Base of Knowledge Current Laws Foundational Truth History of Credit."— Presentation transcript:

1 Debt Mountain The Credit Card System Revealed

2 Credit Card System Revealed You need a Base of Knowledge Current Laws Foundational Truth History of Credit Cards How the System Works my people perish from lack of knowledge Hosea 4:6

3 Current Laws: (I got a new gun) Consumer Protection Act (1968) Public Law Truth in Lending (1969,1976) To give the consumer information on credit costs before they enter into a contract. Usuary Rate is now T-I-L Fair Credit Reporting Act (1970) Allows the consumer to learn of and challenge information about herself contained in credit reports. Creditors now use a new method - Credit Scores

4 Current Laws: (I got a new gun) Consumer Protection Act (1968) Public Law Equal Credit Opportunity Act (1976) To prohibit credit denial based on sex, marital status, age, race, religion, or national origin. In Credit Scoring, they claim they are using it for you. Fair Credit Billing Act (1975) Allows the consumer to effectively resolve billing disputes Gives the creditors up to 14 days to post payments

5 Current Laws: (I got a new gun) Consumer Protection Act (1968) Public Law Fair Debt Collection Practices Act (1978) To protect the consumer from abusive debt collection practices. Does not pertain to the original creditor You have the right to fire a collection agency

6 Foundational Truth (Going to get me a trophy) The Credit Card Industry is focused only on: MAKING A PROFIT CONTROLLING YOU WITHIN THE PROCESS The rich rules over the poor, and the borrower is the slave of the lender Proverbs 22:7

7 History of Credit Cards (I know these mountains) 1960s & prior - Mom & Pop Credit, Banks (limited uses) Sears & J C Penney (worthy, special) Bank of America (Master Charge) 1970s Educate us on what is a credit card 1980s Change the culture to make it ok to use credit cards 1990s Credit cards are as normal as Auto & Home loans

8 The Credit Card System Up the Mountain (tracking the bear) Welcome - Your worthy - Use your card, you deserve it! Merchants Rebate Retailers pay back to credit card companies 2% - 6% of the gross purchase price. Use your Card -Pay it off each month -Raise your limit so you will buy more!

9 The Credit Card System Up the Mountain (tracking the bear) Sell your good name -Buy on credit card - look in your mailbox Direct Mail to you - Treasures and opportunities in every monthly statement Making Payments - Name your interest rate - Lump sums - Carry a balance - Making scheduled payments only

10 The Credit Card System Up the Mountain (tracking the bear) Up and down the Mountain year cycle of paying down - well wait - Tax refunds, Bonus, 401K - Loan Consolidations - Balance Transfers - Home Equity Loans

11 The Credit Card System Down the Mountain (Meet the bear) Welcome to the Top - Balance owed at or near your limit ? - Maybe late payments ? - Making the minumium Payment ? We now control you - 14 days to post your payments - Grace period changes to due date only - Raise your interest rate - 2% per month or apply the delinquent rate (29%)

12 The Credit Card System Down the Mountain (Meet the bear) Making Money Now !!! - Interest dollars now the largest part of your payment - Late Fees (up to $50 per month) - Overlimit Fees (up to $50 per month) - Annual Fees - Credit protection plans, Life Insurance, Warranty Agreements, etc., all continue to be charged monthly. - Average years of payments

13 The Credit Card System Down the Mountain (Oh God, help me !) Learn why you are using Credit Cards Learn how to break the cycle (starts with a family budget) The Bear is who the Bear is! Understand where your treasures are at - Relationships or possessions

14 The Credit Card System Down the Mountain (Oh God, help me !) Become God dependent not world dependent. (allow God to work in your life) Seek Godly Counsel For surely I know the plans I have for you, says the Lord, plans for your welfare and not for harm, to give you a future with hope. Jeremiah 29:11


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