Desperate Housewife - True Story
Posted by Jim Wilson on: 2005-08-22 00:24:36
As the title implies, the actions taken by this middle America housewife has caused her to face adversity and challenges, not unlike many other women and men in current times. A financial jolt of reality is fast becoming a startling position to be in. With credit card debt and the new changes that are affecting credit card customers, being able to meet the minimum payment obligations has become impossible to do.
Time was that paying credit card debt down was difficult and now this is changing for the worse. Credit card customers have known for some time that by merely making the minimum suggested payment would not reduce their principle balance. The following month’s statement would reflect no reduction in balance and actually it would be higher than the previous month’s balance?
Credit card companies for some time have been intentionally suggesting a 2% minimum payment that will cause no principle balance reduction thus stretching your debt to infinity! A perpetual debt if you will, a doomsday in the making. While falsely accommodating the American public, the credit card companies have been reaping 100% profit from unpaid principle balances.
With the new changes in the laws regarding consumer debt relief, the quick fix from credit card companies is to just double the 2% minimum payment to 4% and causing the balance to actually go down on your next statement. This sounds logical and it actual will reduce your balance. The downside is, by doubling a minimum 2% payment can and is creating devastating effects. Let’s say you have been carrying a high, unpaid balance and the minimum payment is filling your monthly budget to the max, this new doubling requirement from your creditors can mean certain chaos and panic. Suddenly you are faced with not being able to meet your monthly obligations.
One other change that is sneaking up curiously at the same time is the changes to bankruptcy laws. The ability to file a Chapter 7 bankruptcy is becoming more difficult, whereby consumers can totally wipe out or erase their debts, thus Chapter 13 is your only alternative, a reduced payback process. This change is forcing consumers to pay back a portion of their indebtedness even with a bankruptcy. Does this look suspicious that credit card payments are doubling and the tightening of bankruptcy law is working in unison? You bet it is, credit card companies have contributed millions of dollars to recent presidential campaigns. Do you see the pattern forming to reclaim the campaign donations in the form of double jeopardy on consumers?
So, how does a desperate housewife confront this issue of double jeopardy and survive? Well, this particular housewife has created a unique way to escape the entrapment that seemed inevitable. In her desperation to avoid financial disaster, she found a way to escalate her income, respectfully and efficiently. She is sharing her solution for those faced with similar situations and you can read about her answer to credit card payment crunch at: http://wealthsmith.com/information_technology.htm
About the Author
Jim is a multi-functional entrepreneur with a background in printing, advertising,real estate, and personal inventions. You can view his online talents here: http://wealthsmith.com