The Credit Card Story. . .
Imagine that you walk into your local bank to apply for a credit card rather than completing an application in the mail or on the internet. For illustration sake, this particular branch has $1,000,000 of deposits (actual cash) and you are approved for a $10,000 line of credit.
Because of GAAP accounting (Generally Acceptable Accounting Practices) the minute you are approved for your $10,000 credit card line, the bank will claim this as an asset (this is monetizing your signature - creating new money based on your signature) thus claiming to now have $1,010,000 of assets on the books.
Suppose you max out this $10,000 credit card and, for whatever reason, don't/can't pay the balance on the account. Where does that leave the bank? Well, first of all, the bank is allowed to write-off the $10,000 as a bad loan after 180 days and receives their tax deduction/credit. Secondly, after writing it off, they are now back to their original $1,000,000 of deposits they had before you were approved for the account. Thirdly, they did not lose one penny during of this entire ordeal. Result: (1)the bank received money from you while you paid the interest on the "debt" thus receiving interest on money they just created;(2) the bank also received a tax deduction; (3) the bank did not lose any money because they never had any of their own money at risk.
To reiterate (because if you tell the truth enough times, people will believe it), contract law says that in order to enter into a legitimate loan transaction 2 parties must be at risk....the loaning institution must be at risk (they may not get back their money) and the borrower or consumer must have a risk (we may pay back more money because of interest).
However, this is not what the credit card companies are doing. They are simply creating new money and adding it into the money supply & economy.
This is the reason our DRES process has worked so powerfully well for 6,000 families over the course of the last 6 years all across America. It is also the reason that you should consider allowing us to serve you and your family - because this is a legal, ethical, and moral solution to get you back on the straight and narrow path!
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