Corporations and credit card debt force many African Americans into modern day slavery
Major corporations control the world. They have more influence over the actions and policies in the U.S. and abroad than any other group on this planet. They use this influence to shape global environmental policy. They decide what is built and/or destroyed,
The mission of the corporation is to continuously increase profit (in essence to make mo’ money, mo’ money, mo’ money). To do this the corporation needs a steady stream of customers willing to continuously and consistently give them their money. These customers cannot leave or else the corporation will lose their money stream. For the corporation to survive customers must be captive, without means of escape. In America today you cannot legally physically capture and detain people, so the corporation must accomplish this in some other form or shape. The means in which corporations in America round up and capture people today is through a contract.
Contracts are legally binding agreements that force each party in the contract to do what the contract says. If you don’t do your part you can be sued, thrown in jail, harassed or punished in some other form. When you sign up for a credit card you are signing a contract with a major corporation (a bank like Wells Fargo, or a store like Macys). Once you sign this contract for the credit card (or the loan) the slavery begins.
So why is the simple act of signing up for a credit card akin to being a slave? Ponder this…
When you sign up for a credit card you technically are signing a life contract with the corporation. Sure the credit card renews every year, but if you owe money on the card at renewal time you are still bound by contract to keep paying and you can’t get rid of it.
When you buy anything from a store using a credit card you don’t owe the store, you owe the slave master. Once the card is swiped the store has their payment and now the debt is transferred to the master (the bank who holds your credit card). Not only do you owe the bank, but the bank has the nerve to charge you extra for using the card. Everything you purchase with a Visa or MasterCard has a surcharge (interest) from the bank. The master always gets his cut and you always owe the master. Contrary to what some commercials say, the bank does not care if you used the item, lost it, or want to return it. You still need to pay the master.
When you work, much of your earnings must go to the slave master. Credit card bills must be paid every month. Every month interest is piled on, so you must pay more. Just like the indentured servants and serfs of the past, you must work to pay off your debt to the feudal lord to earn your freedom. Buy something new on credit while you are paying old debt and the cycle continues. You are perpetually paying the master and you can never escape.
If you don’t pay your credit cards they will punish you. Of course the corporation cannot physically beat you like a slave owner of the past, but they can still punish you. They can harass you with phone calls and psychological torture. They can take away your home and possessions (through forced bankruptcy). They can even put you in jail if you don’t pay.
The contract you signed is akin to a legal set of chains around your neck. You can’t run away from credit card debt. Try to escape and the master will find you. Credit card debt follows you wherever you go and the corporation has the means to find you through your “papers” (social security number, driver’s license number).
If you agree with the argument presented above you may be feeling like you are indeed a slave and want to do something about it. The question is what can you do? The answers are simple.
A) Don’t sign up for credit cards in the first place. If you never hook up with the slave master he can never enslave you. If you already have credit cards or loans this is of no help to you, but this is the first and most obvious lesson that we must teach to our kids and any others who are fortunate enough to still be free.
B) If you have credit cards pay them off and either don’t use them or cancel your contract.
Credit card companies do not want you to select A or B because without credit the corporation will have no power over you. Corporations (and the media they control) tell you that you must have “good credit” to have things (buy a house, buy a car, have clothes, etc.). They tell you that the only way to have “good credit” is to
a) get credit cards (become a slave),
b) use them vigorously, and
c) pay them in a timely manner.
They don’t want you to pay them in full. To be a good slave you have to pay a monthly amount to build your history. What they in effect are telling you is “be a good slave and pay me every month and if you do this I will bestow on you the magic FICO number which will allow you to buy more things on credit and become a slave to one of my friends.” Corporations don’t mind sharing slaves because they know that slavery is the means by which corporations exist. THIS IS THE TRAP. YOU DON’T NEED CREDIT TO BUY THINGS, YOU NEED MONEY TO BUY THINGS.
If you need to buy something small (let’s say under $1000) and you don’t have enough money to buy it don’t use credit. Save the money and buy it with cash once you have the money saved. Our society is based on “I want it now” but this mentality is killing our finances. Save $200 a month for 5 months and when you are done you will own the item free and clear. Buy it now on credit and you will be paying $50 a month for whatever you decided to purchase for YEARS TO COME.
If you need to buy something large (a car or a house) you need to get a loan. A loan is an unavoidable necessity in life and this is where the bank has most people trapped. You will have to sacrifice your freedom temporarily to get your mortgage (15 years) or your car (3 years), but if you don’t have credit card debt you can pay these things off much sooner than the person who has credit card debt.
There are ways to buy a house or a car without getting a loan and we will discuss those in upcoming articles. Among other articles, we will be writing the following specific articles on:
How to pay your mortgage off in 15 years
How to buy a house in 10 years with no mortgage
How to pay your car loan off in 3 years
How to have a good FICO score without having credit card debt
We don’t want to be slaves. We want our freedom back from banks and corporations and we will get it.
Team Afro
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