Wednesday, April 04, 2007

Legislation Should Protect People from Corporations

But instead our current laws are drafted by the corporations for the corporations...the people be damned.

Incomes aren't rising nearly as fast as housing, education, and healthcare. At the same time, two-thirds of all Americans cannot pay off their credit cards every month and the new bankruptcy laws pave the way for the predatory credit card companies to increase the rate of Americans not able to pay off their credit card balances. The credit card companies, oil companies, or in other words, corporate America are claiming record profits while "the people" are barely able to keep their heads above water.

The credit card debt of middle-class families rose more than 75 percent from 2001 until present. It is not uncommon for interest rates to exceed 30 percent and late fees alone cost Americans billions of dollars. People are becoming dependent on their credit cards for essentials such as the big-ticket items mentioned above which only means this pattern will continue to worsen until the middle-class is no more.


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