National Student Loan and Credit Report Debt Attorney

Big Banks Working to Get Consumers Back Into High Interest Debt

Rate this post

http://www.huffingtonpost.com/2011/12/28/holiday-spending-credit-card_n_1173045.html

The headlines across the internet are sending conflicting messages regarding the substantial increase in holiday spending this year.  Some economists are looking at it as a great sign of increased consumer confidence in the economy while others feel that the upward trend will eventually lead those consumers back in the financial black hole they spent the last four years climbing out of.  That’s because a great portion of that increased spending happened on plastic.

What’s really interesting to us and what’s noted in the article above is that the banks made major efforts this year to get consumers to charge on “high-interest” credit cards.  Instead of making major efforts to give competitive business loans or helping consumers refinance their mortgages, their major efforts were spent on enticing consumers back into a financial black hole.

Hopefully, the former economic predictors will be the ones that are right and increased consumer confidence and consumption will lead to an increase in employment and wages.  But if the latter is right, then we’ll be happy to fight to the end for those who are stuck in that financial black hole.  Because I know with confidence that the big banks we are up against did everything they could to get you there.

Big Banks Working to Get Consumers Back Into High Interest Debt was last modified: November 1st, 2014 by Kevin Fallon McCarthy
The following two tabs change content below.
mm
Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.
mm

Latest posts by Kevin Fallon McCarthy (see all)

START NOW
Call 855-976-5777 or Chat Now
  • How much do you owe?
    Select your approximate debt.
    Less debt
    More debt
  • The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.