People drowning in debts? by Ludmila Martinicka

ABA is an acronym for free-trade and professional association. Full name is American Bankers Association. Association promotes and advocates issues important to the banking industry in United States and in addition also performs educational components for consumers through its Educational affiliate. The headquarter of ABA is in Washington, D.C. Some of American people say, they suffer from high fees of debt/credit cards, that banks "eat" too much of their money. Did people (not only American) became victims of their own financial system, system that they invented? It is nice, to have a possibility to get some money from the bank. But people use to forget easily the loan conditions. So, what about the credit risk, indeed? Whose fault is it that many people are "drowning" in debts? Government of United States thinks about legislative changes. The American Bankers Association warned Congress, that new legislation could have ineligible impact on their financial health. Representatives of ABA also expressed their conviction, that Americans are not drowning in credit card debts. Three American financial companies & Bank of America, Discover Financial Services and Capital One & tried to explain their practices to the Congress. A candidate for presidency 2008, Senator Barack Obama expressed his will to fight against predatory credit card companies. Till today, nobody proved if this companies behave predatory or not. However, we are those, who take money from banks and then pay for it. I would need a training to understand to deep how this financial system work. I just hope, the responsible ones know how to work things right.

related story: http://uk.news.yahoo.com/afp/20071205/tpl-us-banking-finance-politics-10170b4_1.html

by Ludmila Martinicka for PocketNews (http://pocketnews.tv)

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