Legal Thriller Author Unveils Legal Banking Scam

Six Hours Past Thursday author, Jack Payne unveils yet another scam that is happening in today’s society. The con artist happen to be the banks who’s logos exist right in wallet.

Julius Ceaser capped interest at 12%. Founding Father, Thomas Jefferson, called banks, "more dangerous than a standing army." Andrew Jackson told a delegation of bankers they were a den of vipers and thieves. Throughout history, heads of state have regarded the money changers with deep suspicion.

Was there justification for this mistrust? Consider the state of today's credit card market, a 2-tiered market consisting of: Prime-Timers, those who use their cards for convenient 30-day interest-free loans, and the Sub-Primers, those who rollover their debt each month, paying only minimums, and running up 18% plus, interest debt. As Jack Payne, former publisher of Business Opportunities Digest and author of 55 business books, says, "And our banking industry would have you believe such usurious 18%-35% interest rates are equitable and just."

He goes on, "Their endless campaign to make this state acceptable logic is laughable. It's like losing a PR battle to Daffy Duck The strategy? Simple! First get the Haves (the Prime-Timers) on their side, then bludgeon Congress, with the aid of these allies, into every manner of credit card industry protectionism known. Then you lower your guns and fire away at the Have-Nots (the Sub-Primers), those unfortunate souls who cannot keep up. Charge them through the roof, up the nose, and out the gazoo It all adds up, even though in its wake it creates a whirlpool of sucking debt, wherein there is no way to get out other than suicide or winning the lottery."

The average American household now carries credit card debt of over $8,000. But, that's not enough. Now the credit card lenders are after the "fringes" of their Prime -Timer market too, according to Payne.. Average late fee 10 years ago was $10. Now it's $35.

"This is where Russian Roulette comes in," Payne observes. "You are encouraged to take out multiple cards, for multiple purposes. The more you take out, the more confusing it gets. Some payment cycles get missed Borderline late payments begin to appear. And soon, voila, you can become a "graduate" and advance to the Sub-Primer classification of borrower."

Payne ends with this thought, "If you don't pay, they don't send two thugs named Vito and Nick to your house with a baseball bat to break your knee caps. Nonetheless, the current credit card market is like San Francisco sourdough. It grows and kneads in all directions. You can only protect yourself through restraint, leery caution, and common sense. This should logically begin with strictly limiting the number of credit cards you carry.”

For more information of legal scams and to buy Six Hours Past Thursday, a Legal Thriller by Jack Payne, visit http://www.sixhrs.com.