I received a letter from Card Member Service informing me of a change in my credit card account. My APR was being "revised" from 8.99% to 12.99%. Naturally, I wondered why since I pay the minimum required or more and am not late.. I read further and was astonished at the blatancy of the following statement: "The change in the APR on your credit card Account was made as a result of a review of your Account and our decision was based on the net level of profitability on the Account."
Banks can borrow money at 0%. My savings account earns .15%. The bank uses my money and offers me a credit card at 12.99%. Do the math - who is being served here? Have you noticed similar changes in your account?
Do you know the profits of the "poor" banks that we bailed out? Here is one example: Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion. The question we all have to ask is: Why do we put up with a banking system that is so clearly "taking us to the cleaners"? What are your ideas for change? I'm looking at my credit card habit.
Friday, May 6, 2011
Fifty years ago the “Freedom Riders” boarded busses to Mississippi as a first step to stop segregation in transportation and lavatories. It was a small group of black and white young people trained in non-violence who risked their lives and forced the Kennedy administration to take action about segregation.
On May 17th a documentary film commemorating their bravery will be aired on PBS’s program “The American Experience.” Even if you know about the “Freedom Riders,” watch this film. It is deeply moving to witness the sacrifices they made to overcome deep-seated racial hatred and violence.
Young peaceful protesters in many Middle Eastern Countries are in the streets, crying out for freedom from oppressive dictators. Many have already given their lives. Americans are again on the march also. Protests to protect their right to collective bargaining, to make choices about their own bodies, the treatment of immigrants, profiteering corporations and other infringements of rights and freedom. Change comes with commitment, action and love. Gramma Sez “let our united hearts be the voice of our society.”
The film premiers on PBS on May 16th at 9pm/8pm central. Go to http://www.pbs.org/wgbh/americanexperience/freedomriders/ for more information.