Not every one gets into debt or starts using credit cards just for the fun of it. When people lose jobs for reasons beyond their IMMEDIATE control (such as a general failure of the existing economic system), they still have to pay the mortgage loan or the rent for the roof over their heads. This results in their automatically getting into debt. They do not even need to use their credit cards to get into debt in such cases. MANY DO NOT HAVE THE LUXURY OF SAVING MONEY BECAUSE THEIR REVENUES ARE JUST ENOUGH TO MEET BASIC EXPENSES. It then becomes the responsibility of society (through the government it elects) to protect these people and their children from homelessness and starvation. If this is not done, then then we will have to face greater problems very soon. A reasonable solution to this problem is for the government to ensure that every individual is guaranteed a minimum decent quality of life in terms of food, shelter, clothing, education, environment, personal security, and other necessities of life regardless of their current employment situation. If anyone loses their source of revenue, then such a guarantee will provide a safety net. The only condition that should go with this safety net is that those who are able, must be willing to work in the area of their expertise or undergo retraining to find work in another area.

This means that society must be willing to pay ENOUGH taxes to ensure that the government is able to support those members of society that need to use the guarantee of a minimum quality of life. This also means drastic changes to the current tax system which is UNFAIR and FRAUDULENT because it allows wealthy individuals and corporations who have the wherewithal to evade taxes through the use of loopholes (tax shelters. and other deductions).that they have lobbied to build into the existing tax system.

It then becomes necessary to replace the existing income tax system with a progressive tax on revenue and not on income (note that INCOME = REVENUE – EXPENSES) because a tax on income allows a great deal of evasion. A tax on revenue also simplifies the tax computation and collection for members of society and its government. Such simplification also puts all members of society on a level playing field because not every can afford to hire expensive tax lawyers and accountants to help them exploit the existing fraudulent and needlessly complex taxation system.

As for getting into debt through the use of credit cards for unnecessary things such as the replacement of a working TV set with a fancier and larger one, or a reasonably good car with a more expensive one, or a needless renovation to a home, merely to keep up with the Jones or the Smiths or as status symbols, this is indeed a serious problem for society. Those who get into such needless debt as well as their GREEDY LENDERS will have to pay the price of their stupidity by either paying off their debt or by losing everything by going into bankruptcy. Needless to say, they are not going to have the protection of the government’s guarantee of a minimum decent quality of life because such a guarantee should only provide a decent quality of life and NOT encourage an EXTRAVAGANT and MATERIALISTIC STANDARD OF LIVING.

The issue of debt including credit card debt is a complex problem that needs self discipline, education, a guaranteed minimum decent quality of life, and a host of changes to our current economic and social thinking. The ideas mentioned above are just a starting point on which to build an egalitarian society from all relevant points of view.

Sincerely,

John H. Adams

Once you loan the bank your note they unlawfully convert it and issue many more times it in credit. Our system is debt=credit=money and this is the real fact. The article misleads by saying that savings deposits are needed and this is some real misinformation, credit is created from your own signature on a note, the note is Stamped “Pay to the order of the bank and then deposited by the bank into an account same as cash. The bank can issue up to 33 times the amount of the note under our fractional reserve banking system. What is needed are factories, real industry, removal of regulations, rules, codes and statutes of corporations (all state, local and Federal Corporations that loot you. We need to muck out all this government and its lies that is uses to hand us all over in economic slavery to the one world banking order. We need to dump the Federal Reserve Banking System and Ron Paul’s bill to dump them needs to pass. There is an old contract where we can buy these banking thugs out for 455M [$] and that is less than half what we pay them daily. This will not happen however as nearly all of congress is and always has been in our lifetimes in the bankers pockets. It is all over with here and it is intentional and has been the goal for a long time as part of a global take over scheme. It will all be history soon so wake up and get to work. I am the creditor and you and the government the debtor and you have now been Notified. What a scam it all is, good luck I for one am departing this soon to be third world joke of a communist country that is a totalitarian regime.

Good night, last one leaving please turn out the lights.