Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/23/2013 (2 years ago)

Catholic Online (www.catholic.org)

The banking and credit systems have become odious.

In the court of public opinion, banks have been losing badly. Ever since the 2008 financial crisis, their billion dollar, taxpayer-funded bailouts, and their thanks to the people expressed by means of raising fees, banks are among the least popular institutions in the country. So why do we need them?

The banking and credit systems have become deliberately burdensome to consumers because it's more profitable to be so.

The banking and credit systems have become deliberately burdensome to consumers because it's more profitable to be so.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/23/2013 (2 years ago)

Published in Business & Economics

Keywords: banks, fines, evil, manipulation, fraud, ethics, credit, fees


LOS ANGELES, CA (Catholic Online) - The banking system is a racket, and you have to pay to play. Want to buy a house? You can either work for 30 years to save up enough to pay cash, or you will need a loan with interest. Same deal with a car or most other big-ticket items.

Of course, to qualify for a home loan, you'll need to establish credit, which is another racket altogether. Your credit score reflects how well you play the game financial institutions concocted to make you pay. If you want a good score, you have to obtain credit cards and pay annual fees, but don't use them hardly at all. If you do, you'll pay interest for the privilege.

Many people, fed up with what they feel is an unfair system designed to feed banker's greed, have resorted to non-traditional banking methods, including cash-only.

However, if a person chooses to deal only in cash, they can kiss their credit score goodbye. That's not a problem if you're a good saver and can afford to deal in cash, but very few people can manage that in practice.

Of course, even those who deal in cash encounter banks at some point. Want to cash a check? That's a fee. Need a money order? Another fee. Do you receive public assistance? It's deposited onto a bank card.

Do you need to make a payment online? Online payments were once free because they didn't require labor or infrastructure to process. Now, you pay just for the privilege of to paying. Fees of ten dollars or more are now ubiquitous.

Do you pay a little extra on your car loan? Great, that extra won't be applied to the principal. Instead, they just apply it to next month's payment. There'll be no saving on the interest if they can help it.

All of these fees and such are designed to get you to the bank, sooner or later. Once a consumer is in the bank, there are more fees. Fees for checking, mandatory minimums for savings, and so on.

Ultimately, banks serve as a place to store your money, and you pay them for the privilege of using your money to generate interest for themselves.

Of course, inside the bank, there's a scheme to part you with even more money. In addition to monthly fees, the system itself is designed to cheat you. Commonly, big debits come out first, which can overdraw an account, and forbid an overdraft, or two, or three because of it.

Banks make the rules so sooner or later, we all must pay, such is the nature of the business.

With the greedy disposition of banks, it's no surprise that many Americans are turning to credit unions and other non-traditional systems for managing their money. For many Americans, they simply pay the inconvenient "convenience fees" and deal in cash.

Others have found credit unions provide the right answer to the greed of the big banks. However, even credit unions charge fees and they also require a mandatory minimum deposit, although that amount is usually small.

No matter what, we live in a capitalist society. In this society you are expected to work hard, then pay your taxes. In addition to taxes, you are also expected to pay fees to private institutions, just to spend and manage your money.

Freedom is a wonderful thing and capitalism is filled with opportunity for the enterprising soul. However, what happens when the system is so pervasive and so perverse that that someone who starts poor is literally kept down by rules designed to part you from your money before you can even spend it?

Why are Americans punished for choosing to avoid banks, to avoid the credit racket, and to simply deal in cash?

Welcome to the new America where the banks make the rules and you pay to play. Don't like it? Too bad, it's tough to be poor.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2015
Universal:
That political responsibility may be lived at all levels as a high form of charity.
Evangelization: That, amid social inequalities, Latin American Christians may bear witness to love for the poor and contribute to a more fraternal society.



Comments


More Business & Economics

Islamic State attempts to replace the U.S. dollar with gold coins Watch

Image of A five denar piece featuring a picture of seven wheat stalks, representing the

By Kenya Sinclair (NEWS CONSORTIUM)

The Islamic State has announced it will be producing gold currency with the goal of weakening the dollar. LOS ANGELES, CA (Catholic Online) - A video posted Saturday, August 29th by the Islamic State warns that replacing the dollar will be "the second blow to America's ... continue reading


Art collectors seek liquidity as market plummets Watch

Image of Picasso piece auctioned for a record $179.4 million.

By Atarah Haely (NEWS CONSORTIUM)

Inquiries about art loans reportedly increased after global equities plunged. The unfortunate event led many to view their collections as assets and investment to cash-in.  MUNTINLUPA, PHILIPPINES (Catholic Online) - Bloomberg Business reports many collectors and ... continue reading


BIRTHING PAINS - America on brink as markets plunge Watch

Image of Market collapse is just one of many signs that the end is approaching. What comes next?

By David Drudge, Catholic Online (NEWS CONSORTIUM)

The U.S. stock market opened with a bang on Monday, and it appears to be the same sound you hear when something catastrophic happens to your engine. Several commentators have already dubbed the day, "Black Monday" as the market appeared to be on track for its largest ... continue reading


FINALLY: Researchers reveal that sex does not sell Watch

Image of Sex and violence is not an edge in advertising.

By Linky C. (NEWS CONSORTIUM)

Maybe sex doesn't sell after all. This is what studies reveal in a recent academic journal released by the Psychological Bulletin. MUNTINLUPA CITY, PHILIPPINES (Catholic Online) - Violence and sex in commercials does not appear to sell anymore. Compared to themes and ... continue reading


3 great tips on how to spot an online purchasing scam Watch

Image of

By Talia Ramos (NEWS CONSORTIUM)

With a growing population of people having internet access worldwide, there are a lot of businesses outsourced from the World Wide Web. Online shops sprout left and right because of easy access and an almost free platform, but limits in security are present. If ever ... continue reading


BLEEDING U.S. DRY: Federal taxes draining as much as $17,955 per worker Watch

Image of Tax revenues are about $183,397,970,000 in constant 2015 dollars from the $2,489,016,030,000 in revenue that the Treasury collected for 10 months in fiscal 2014.

By Catholic Online (NEWS CONSORTIUM)

They are bleeding the U.S. - and us, dry with massive amounts of taxation. The federal government collected a record of approximately $2,672,414,000,000 in tax revenues through the first ten months of fiscal 2015. And yet - that national deficit just keeps on getting ... continue reading


National debt frozen at $18,112,975,000,000 for 150 days Watch

Image of Treasury Secretary Jacob Lew explained in a letter dated March 13 that some steps the Treasury would take during the debt issuance suspension period.

By Catholic Online (NEWS CONSORTIUM)

Treasury Secretary Jacob Lew has sent out a letter to Congressional leaders telling them that he was extending a "debt issuance suspension period" through October 30. The amount of the federal debt subjected to a legal limit set by Congress closed on Monday, August 10, ... continue reading


America needs Catholic leadership now, and here's how you can make it happen Watch

Image of Rallies have erupted across the country blaming the wealthy for the plight of the poor, but the truth is, everyone is to blame. Regardless of blame, it's time to talk about what to do, and that talk should be informed by Catholic teaching.

By Marshall Connolly, Catholic Online (NEWS CONSORTIUM)

The stock market is poised for a collapse and that's not a good thing for American jobs. As growth slows and the risk of another recession looms, Americans are left to wonder where the good times have gone.  LOS ANGELES, CA (Catholic Online) - Americans are barely ... continue reading


Pope's environmental encyclical clashes with Catholic Church's investments in oil Watch

Image of The pope's encyclical has prompted debate in Catholic organizations and other churches about divestment. To date, many major American dioceses have resisted the push.

By Catholic Online (NEWS CONSORTIUM)

It's a conflict of interest that concerns many. Pope Francis, with the release of his encyclical, called attention to world ecology and how much climate change - as well as the exploitation of the poor, hinges on "highly polluting fossil fuels." While this is ... continue reading


Print Struggles: Internet becomes United States' Number One source for news Watch

Image of Newspapers in seeing the digital revolution have now since gone online.

By Catholic Online (NEWS CONSORTIUM)

When people in the United States want to hear about what's breaking in the news - they turn not to newspapers or TV, but online news sources. The immediacy of online news and its ability to instantly update stories while they happen has many other forms of mass ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Colossians 1:9-14
9 That is why, ever since the day he told us, we have ... Read More

Psalm, Psalms 98:2-3, 3-4, 5-6
2 Yahweh has made known his saving power, revealed ... Read More

Gospel, Luke 5:1-11
1 Now it happened that he was standing one day by the ... Read More

Saint of the Day

Saint of the Day for September 3rd, 2015 Image

Pope Saint Gregory the Great
September 3: St. Gregory, born at Rome about the year 540, was the son of ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter