Monday, April 06, 2009

Economic Combat

This game being played by the banks is combat economics at its highest level. If you want to take back your life then you need to understand that banks are after you. They want you to become debt slaves. They want you to live dangerously at the edge of bankruptcy and solvency. Only then will they be able to charge you 30% interest on your credit cards, or 18% on your car, or charge you 1% origination fees on your mortgage. If you want to fight back you can do the following:

1. Pay off all of your debt
2. Close all deposit accounts at big bank and reinvest in your community bank
3. Get all of your friends and family to do the same

If you really want to screw them in the ass like they're screwing you:

1. Cash advance all your credit cards or buy stuff, then declare bankruptcy. Unsecured debt is almost impossible to recover.
2. Renegotiate the mortgage to a level that you have found is in line with the current market. This automatically forces the bank to take a hit to capital.

1 comment:

Investment Services UK said...

Certainly during a period of crisis, individuals need to adopt a more careful approach than usual. For those who have bank accounts, they may lose a little interest but at least they are getting something. They can also opt to move their money from one type of account to something that will pay out a higher interest rate like a certificate of deposit.