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Less Than 1% Of Identity Thieves Are Prosecuted…What Are The Chances Of Beating A Ring Of Scammers
The ink on recent headlines is still wet and not yet dry announcing the hacking loss of thousands of credit card information records from T.J. Maxx and Marshall’s. As featured on a recent Dateline NBC expose’ by Brian Hansen the identity thieves do not require the actual card, just the information. As Brian Hansen demonstrated with one of the “tracked” cards, the card was gone in seconds and major purchases were being made all over the world in a matter of minutes…
Willie Sutton Is Now Back Not As A Bank Robber But As A Modern Day Identity Thief
Willie Sutton was one of the more prominent bank robbers in American history. During his long career he had robbed close to 100 banks from the late 1920s to 1952. He was known as “Slick Willie” or “The Actor”. As a master of disguise the FBI files show that Sutton disguised himself as a mailman, policeman, telegraph messenger, maintenance man and a host of other disguises. Willie Sutton was on the newly created list of the FBI’s Top Ten Most Wanted Fugitives in 1950.
Senator Levin Prepares to ‘Slap Around’ Abusive Credit Card Companies Who Are Ripping Off Consumers
“Some” of the Credit Card Companies offer a good product and decent service providing Americans with the convenience and back up of a credit card when not carrying a lot of cash on person. Much of the online business and other travel and such have to be conducted by some sort of plastic. Credit card possession and usage is a cornerstone of conducting business in the U.S. It creates fluidity to economic commerce.
Warning Labels Mandated For Credit Cards
If anyone gets any type of prescription drug or even buys something over the counter to help with symptoms of a cold, a rash, insomnia or a hang nail there is a warning label attached out lining all the side effects of taking the product. A soda with an artificial sweetener has a warning label and caution that it may cause cancer. Buying beer or cigarettes comes with warning labels. There are warning labels on seat belts and no one dares remove the label on a new mattress or the perpetrator will suffer the consequences. Warning labels are mandated on all kinds of products. On a popular brand of dry roasted peanuts there is a warning for any child under six not to eat them as it could cause choking. Consumers are warned in any type of electrical appliance under the sun sold in the U.S. Many of these things have been utilized by the manufacturer and end sellers to “help” blunt litigation efforts by users of the products. What might a strong credit card warning label look like under such a mandate?
"The inappropriate use of this card could cause divorce, bankruptcy
the loss of your home through foreclosure, unlimited harassment from
creditors by phone and/or mail. Wage garnishments and filed judgement
may result in the loss of other owned property. With adversely impacted
credit scores plan on paying the highest mortgage rates allowed for a subprime
lender. Thousands of dollars maybe lost through identity theft if said event is not
reported in a timely manner. The use of this card may cause negative impact
on your health through added stress and emotional trauma resulting from non-payment of this card. Welcome aboard and as always it’s a pleasure to handle
your business. Use this card at your own risk. Have a nice day.” (Sarcasm Intended)
A Thief Is A Thief…Wrapped In Electronic Sheep’s Skin…Just The Same…A Thief
Credit card thieves had found a wrinkle around that by giving the cardholder a feeling of comfort using a slight of hand. This allows the thief time to run the card up. Rationalization abounds in this act. Acting in concert, the card is lifted and either sold for cash or used by the thief. These thieves clothed in electronic sheep’s skin are giving sheep and wolves a bad rap. Keep in mind, this is not the worse of it. If a cardholder is not able to pay the money back then the credit scores plummet and years of endless explanations on this event are in store for this innocent party. In all cases, a police report needs to be filed in every instance. In these cases the thief is an outside party. In many cases, it is someone close to the family and a police report is not filed as to protect the family member, but alas the credit gets hammered again. The focus of this article is on outside perpetrators of credit card crime. Keep your cards safe otherwise risk a meltdown on your credit scores and credit history.
Credit Card Creep + “Universal Default” → 125%
The “Universal Default” trigger mechanism used by many credit card companies who regularly check payment history in the bureaus. If they find a 30-day late or other derogatory information the interest rates on ALL the credit cards can be accelerated in many cases to the maximum legal limit. Thus, the sweet heart introductory rates went in some cases from 8.5% to 29.99% + to varying degrees.
The “125%” Combined Loan-To-Value Second Mortgage can be utilized to roll high interest rate credit cards down to say 14.5% up to a loan limit in many cases to $75,000. It’s not a cure all but rather a temporary band aid to increase monthly cash flow while fully amortizing the debt. Aggressive payment of this second can make some sense as this rate is 14.5% plus depending on credit scores and exact loan to value percentages.
“Opiate-Like Addiction Besets College Campuses In The U.S.”
“Psst…psst…psst, hey kid do you want some credit?” All over campuses in the US large credit card companies are targeting college students with attractive introductory rates and terms. On the positive side, it helps the student establish credit. On the negative side, this can be the beginning of major credit problems for many college students who have large cash demands during this period of learning and the lure of easy money may be too much to resist. Some warnings and alternatives are offered.
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