Crazy Idea??

[santopia]

I had an idea the other day and would like to know peoples thoughts.

The banks have all but enslaved the people - turning us into what amounts to indebtured servants - through consumer credit cards and credit lines.

The only reason people continue to pay these debts is to protect their good names (credit file).

Most of these debts are owed to the same banks that own and operate the Federal Reserve.

How about organizing a debt strike? People will stop making their payments to these banks unless certain demands are met - such as abolishing the Fed.

Three questions....

1. Is it possible to gain enough support to cause an impact? How much support would be necessary??

2. What would the demands be?

3. What would be the possible effects of such a strike?

I think that the people of the country could overthrow the financial institutions that control our lives through non-violent means simply by choosing not to honor our contracts with them. After all, they and their governmental co-conspirators have broken their contract with us (the Constitution).

 

[Working Poor]

Yea it sounds good but I don't have enough knowledge to understand what the possible repercussions might be. Maybe someone who does will come along and post some insights.

 

[Ozwest]

Not going to happen.

Pay off your cards, and disintegrate them.

Set yourself free.

I am 49, and have never owned a credit card (own a debit card ), for bookings.

I followed the advice of my parents. Don't buy what you can't pay for.

Checking the mail is enjoyable.

A mortgage is another story.

You will eventually acquire the Merc. Without debt.

 

[Ozwest]

I ran a fairly large business on 30 day lines of credit with my suppliers,
No Banks, no interest rates. No loss.

New plant and equipment was upgraded by the sale of existing equipment, and money saved.

My employees understood my position, and loved it. They knew I was not over-extended, and could ride out fluctuations my over-borrowed competitors couldn't.

Isn't this an analogy for the current situation?

 

[steve005]

i like the idea, we should foreclose on them! take back our real estate

 

[rockandrollsouls]

Get a visa platinum check card. I have a credit card for emergencies, but I almost never use it. The platinum check card is great, and it's worked like a credit card for me. I keep track of finances much more carefully and I can order things online easily.

 

[micahnelson]

I don't see the problem with a credit card that you pay off in full every month.

Don't spend more than you can afford to pay off.

Its called discipline and self control. Unless you have had an economic crisis or emergency there is no reason you should have any credit card debt. Mortgages and Car Payments are understandable, but you can't justify that big screen if you don't have the cash to afford it.

My credit card company has handled many transactions but has never seen a dime in fees or interest.

 

[Ozwest]

I don't see the problem with a credit card that you pay off in full every month.

Don't spend more than you can afford to pay off.

Its called discipline and self control. Unless you have had an economic crisis or emergency there is no reason you should have any credit card debt. Mortgages and Car Payments are understandable, but you can't justify that big screen if you don't have the cash to afford it.

My credit card company has handled many transactions but has never seen a dime in fees or interest.

You are a hero.

Hope you don't have any vices.

 

[tmosley]

Yeah, I had been thinking something along similar lines. I'm already set up to survive an economic collapse of 1929 magnitude, and could ramp up to weather a full economic collapse pretty quickly. If you are ready for that, then you certainly don't need credit.

 

[Ozwest]

Everyone behaves like credit cards are a fact of life.

Eftpos or debit cards do the same thing.

Except you need to have the money in your account.

A refreshing idea...

 

[Carehn]

I ran a fairly large business on 30 day lines of credit with my suppliers,
No Banks, no interest rates. No loss.

New plant and equipment was upgraded by the sale of existing equipment, and money saved.

My employees understood my position, and loved it. They knew I was not over-extended, and could ride out fluctuations my over-borrowed competitors couldn't.

Isn't this an analogy for the current situation?

+1

I run a paint store in idaho and give credit "hold tickets" out to some of the most profitable builders and painters. my suppliers will do the same for me. This is where your "good name" comes from. Its about people not credit scores.

 

[scooter]

Everyone behaves like credit cards are a fact of life.

Eftpos or debit cards do the same thing.

Except you need to have the money in your account.

A refreshing idea...

Credit cards are definitely not necessary to live life. I agree with the rest of the sentiment on this message about NEVER leaving debt on a credit card. Mortgages are perfectly fine, especially since you can easily beat a mortgage rate by keeping the money and investing elsewhere over the lifetime of the loan.

I also agree with rockandrollsouls. There is no reason to NOT have a credit card if you have the dicipline to pay it off at the end of the month.

In fact, if you get a rewards card you can be paid by your issuer to use their card, even though you are not using the credit at all. Use it in place of a debit card and pay it off at the end of the month.

 

[rapidtrends]

Instead of trying to get a rally going with a march on the whitehouse, imo its best to get your own house in order 1st.

Most people in America think that a financial foundation consists of a half million dollar mortgage and two auto loans.

A house built on sand cannot stand.

1. Increase your "Delta" - This is the difference between what you bring in, and what you spend each month. You can do that by making more, or spending less, best if you do both.
2. Pay off all debt
3. Use "Delta" to invest in income producing assets and store wealth in gold and silver

When your financial foundation is on bedrock, all the financial storms can come and blow, but your house will stand.

 

[acptulsa]

I believe what we have here is a group that is more likely to engage in a debt strike not where existing debt doesn't get paid back (until a judge says it must be done) but where debt isn't incurred in the first place.

I like this group.

 

[Indy4Chng]

What have the banks done wrong? They offer people credit at very competitive interest rates. They do not make you apply for the card, take the card to the store and then use the card.

There is this thing called self-control. I should know I did not have any in my early twenties and got into a lot of credit card debt (damn golf) but I have since learned to spend less then I make and have almost paid it all of. I can't wait to be debt free, but I don't blame the bank, I blame myself. Unfortunately I had to learn the hard way. I learned to have emergency cash and will never have a balance on a credit card again.