Quote from the USA Today"
"@FederalReserve #policy has driven interest rates & borrowing costs 2 record lows, which has allowed consumers 2 get their finances back on track"
U KNOW this is complete BS.. F'ing credit cards still want damn near 30% How TF do U think consumers can EVER get their finances back on track? ALL the major retailers credit card APRs START at 25% or more!
"JCP Card holder for 20+ years
Helpful to 4 out of 4 people I have been a JCP card holder and avid shopper for over twenty years. Admittedly I spend much more on my Nordstrom card and about equally on my Macy's. I always pay my payment on time , and usually for far more than the minimum amount due. As a matter of fact I make it a rule to completely pay off this and the other two every January and July to avoid the interest incurring.
So imagine my surprise when in the midst of the December holidays I receive an email from GE Capital asking me to contact them about my account. Adding to my surprise is a representative informing me no payments had been posted since October. Keeping the rep on the line I retrieved my cash payment receipts. I relayed the numbers they asked for , and was told the payments were credited and they were sorry for the mistake. The following day I sent off the upcoming January 2013 pmt for the entire balance. One last thing to do in the new year.
So today 1/28/13 needing some new clothes before heading to Belize for the winter, I stopped by JCP. A little Leary after my recent experience I called from the car to make sure my payments had indeed been properly credited. The automated system assured me my next payment of $2.12 was due on 2/6/13. True an odd amount, but I assumed I must have just misread the amount by that amount when I paid off the balance. No big deal! After two hours and much trying on and many trips to stock pile my choices, I was ready to check out and head for Macy's.
The total came to around $1250.00 and I handed over my card. imagine my surprise when it was declined. As a frequent shopper and Platinum card holder, I know most of my local stores associates. Saying they'd been having issues all day, she swiped the card again and even again. To no avail. Perplexed the associate called GE. After a full five minutes a GE associate came on the line and said I had to pay the $2.12 in order to use my account!
So I paid the amount and we tried again - yep you got it , declined! The associate calls over her manager and we call GE and wait over ten minutes this time for a GE associate. We are told 'yes' they posted the $2.12 pmt, but my credit limit is $1245.00. The JCP associate aware of my actual credit limit of well over ten times that amount asks to speak to 'her' supervisor.
Any way twenty minutes later I am informed due to my not making a payment since October 2012 (yes we are back to that) my credit limit has been lowered!! I reiterated their earlier mishap with the Oct / Nov pmt AND I give them the check #, amount ( for the entire balance) and date THEY cashed it!
Once again they claim no payment had been made and I must call back with the info from the receipts I have at home. Disgusted I gave up! I would have walked away leaving the whole lot, but it truly wasn't the sales people's fault. Instead I paid by check and left.
Once home I called the brain trust that is GE Capitol, statements, receipts and bank info in hand. Oh yes, they found the payments, oh yes they apologized - BUT it will take awhile to restore my original credit limit AND report THEIR mistake to the credit reporting agencies!
I recorded this conversation and demanded they send me a corrected statement and a copy of their correction to the credit reporting agencies. I would have closed the account if that, too wouldn't look bad for ME!! So I will continue to be a JCP card holder - BUT I will NEVER use it OR shop at JCP again! Period! Hope the $25k average I spend there annually is better appreciated at Macy's & Nordy's!!"
No the f'ing PLAN is to keep as many [stupid] people trapped in debt as possible and to encourage MORE [stupid] people to BORROW FIAT that they can't AFFORD!
Here's a quote I see ALL THE TIME about YOUR policy goals.
What do I mean all the time?
When I just searched google for "encourage borrowing and spending" I got "About 533,000 results (0.30 seconds)"!
From "FED STANDS BY STIMULUS PLANS" (1 DAY ago)
"On Wednesday, the Fed maintained its plan to keep short-term interest rates at record lows at least until unemployment falls to 6.5 percent. And it said it will continue to buy $85 billion a month in Treasury and mortgage bonds [to MONETIZE the debt!]. The bond purchases are intended to keep long-term borrowing costs down and encourage borrowing and spending." -Emphasis added
Bring back USURY LAWS if you want to help the consumer! Cap interest rates at the #FED funds rate + no more than 5% !
IF SOME people (the STUPID ONES!) are too great a RISK for a LENDER to bear then DON'T LOAN THEM FIAT!
If YOUR #economy didn't depend entirely on DEBT that wouldn't be a #problem!
Many of us, trust me on this, HATE what you and our kleptocratic government have done and are doing. I'm sure you ALL understand why we feel that way.
You have single handedly DESTROYED all trust and confidence in REALITY. You, the Federal Reserve Bank, the United States government, and a complicit main stream media, have completely DISMANTLED our capitalist system.
You support consumer debt payments with tax payer subsidized "safety net" programs [ie; those Americans fortunate enough to still be a wage slave get to pay for the food, housing, credit cards, and everything else, for those who are fortunate enough to no longer live in the matrix.]
47 MILLION Americans are on food stamps!
shadowstats unemployment rate is around 23% !
Banks are still [now legally!] LYING about their balance sheets [Even according to the BIS!] -Bloomberg
And the Stock market is at all time highs???
How much longer can the Fed prop up stocks?
Adam Shell, USA TODAY5:50 p.m. EDT May 2, 2013
A big driver in the stock market's multiyear bull run is the market-friendly stimulus provided by the nation's central bank. But Wall Street wonders if the Fed can keep propping the market up forever
This stuff isn't really that hard to figure out and there is MUCH MUCH MORE further down the rabbit hole.
Stop the LIE!