Black hole of debt.
I am delighted to say that I am a Credit Card Deadbeat! There are a lot of others out there, like me, who are also Credit Card Deadbeats. I congratulate you!
For those of you sporting your shiny Gold and Platinum Cards and looking haughtily at me and thinking I have a screw loose, but who don’t know what a Credit Card Deadbeat is, I’ll have you know I don’t avoid my credit card bills. I just don’t allow the credit card company to make any profit off me. As a matter of fact I made money off them. Huh!?....You may want to continue reading!
Why do credit card companies refer to their customers who pay off their credit cards promptly as “DEADBEATS”? They use the word like a mantra.
It’s not that these folk default on paying their bills.
To the contrary, a credit card deadbeat is the insider term used by credit card company executives and refers to all of the credit card users who pay off their bill each month promptly.
They’re called “DEADBEATS” because the credit card companies don’t make money off of them.
The ones who do not pay are the “PREFERRED CUSTOMERS, because they’re the ones they make money off. They target people they know won’t be able to pay.
The alternative to being a credit card deadbeat is what credit card executives call a “REVOLVER”. No, stupid person! It is not a gun used to commit suicide. Although being a credit card revolver might drive you to commit suicide, a revolver is a credit card user that constantly carries a balance and is charged regular, monthly interest on their charges.
Credit card companies love revolvers because they, in essence, increase the bottom line(again, not what YOU'RE thinking)for the credit card company and make them a nice profit. Further, from an insider perspective, the best customers not only carry a balance, but also make their payments late, triggering extra fees and a higher interest rate.
A credit card service salesperson will tell you it’s a business, and it’s a service, that they help people who are short of cash, help them find status, make their car payments, help them buy that plasma TV, the i-phone, laptop, Christmas and birthday presents for their children during tough times. Just like Santa Claus.
But they do not explain all the credit terms to all their customers, although you will find it on the back of every application, written in English in tiny, tiny print, but in the form of gobbledygook English even MBA’s from IIM Ahmedabad or Rhodes Scholars will not make out heads or tails of.
Sentences created by the same stalwarts who make up government tax laws which in the event are “subject to interpretation”…. meaning pay the bribe or else!
It’s usury, but who listens anyway since the state WANTS the credit card business. If you inquire about a car loan, you can be sure this info is shared among credit bureaus, it’s called Universal Default.
They have an extremely complex marketing strategy, they actually target people with low income or in the west those with bad credit ratings. Then they call or mail them citing exciting bonus offers.
They find people in dire straits and market directly to them with the hope of forming a lifelong relationship, I know of people who kind of operate their business in the same way, they sell heroin.
You can also term them loan sharks, considering they charge their customers 30% interest.
Now that is Criminal Conduct but it is not deemed criminal. Research has shown that the Credit Card industry is more profitable than Infosys, Reliance, and ONGC --- they have themselves a multi-million dollar racket going worldwide.
But don’t try to sue them since they have a lot of security and will bury you, the only way you can put adversary back into the system is to do it openly and notoriously for all to hear. Like in an open forum or NDTV debate.
Did you know that of the thousands of industries tracked by the better business bureau, the credit card racket is number one in customer complaints, that is why they deliberately target those who wont be able to pay off their debts, people they call “REVOLVERS”, people who see zero % interest in big red letters and don’t know that with just one late payment they skyrocket their interest to 30%.
In the last 5 years, in the US alone more than 7 million people filed for bankruptcy but the credit card companies were able to get the US Congress to change the Bankruptcy Code that made it next to impossible for people to be able to discharge credit card debt.
They are essentially a pack of hyenas, crunching on the bones of the poor and middle class. – I smell something foul; it has the stench of big tobacco and oil cartels all over it. Maybe someday they’ll get horribly sick and die.
