>> Saturday, April 25, 2009
Surely I'm not the only one who saw the hypocrisy in the government recently calling the credit card companies to the White House for a "stern warning".
It seems that the credit card companies are "taking advantage" of people. Hmmm... I just want to look at something for a minute...
Credit card companies vs. taxes:
- Credit cards are an option. Taxes are mandatory.
- 76.2% of Americans have credit cards. Which is a higher number than I thought. BUT 100% of Americans pay taxes (show me one who doesn't... even children pay taxes when they buy a candy bar)
- If you have a credit card balance you may pay as much as 24% monthly. If you have a tax debt you will pay an interest rate equivalent to the federal short-term rate plus three percentage points, compounded daily.
- A credit card companies "fine print" may take up a letter size page or small pamphlet. The US Tax Code, according to the US Government Printing Office, is 13,458 pages in total. The full text of Title 26 of the United States Code (the part written by Congress) is a mere 3,387 printed pages, bringing the adjusted gross page count to 16,845.
"Hey Pot, this is Kettle..."
Here's a really good article: The Truth About Credit Card Debt on MSN.
A little FYI for those ultra sensitive types:
The phrase "the pot calling the kettle black" is an idiom used to accuse another speaker of hypocrisy, in that the speaker disparages the subject for a fault or negative behavior that could equally be applied to him or her. In former times cast iron pots and kettles were quickly blackened from the soot of the fire. The pot would then be hypocritical to insult the kettle's color, since both are black with soot.