This site has often pointed out the addiction of the Banking System to credit (debt). Our warfare-welfare-drugs society is too dependent on the finance sector and it's corrupt practices.
Any credit agreement is a financial instrument and can be used as the basis of a financial derivative. Such derivatives morph into Collateralised Debt Obligations, Credit Default Swaps etc. They allow the bankers to suck money from the general population into their own pockets.
News today is that the banks are acting to discourage you from avoiding credit. They will charge you for purchases made with your debit card. Remember, when you put money into your current or checking account you are lending the bank your money - interest free. That is very kind of you, because the bank will charge you fees for looking after your money while they lend that money to other people and charge them 15% to 30% interest.
So now, in addition to any current account charges while they use your hard earned cash, they will also charge you when you spend it. We need to change this system.
Posted by Nicholas Moore 9:18:05 am