What Does the Bible Have to Say About Debt Solution? (Part 2)

A Simple Parable. . . .Real or Counterfeit?
debt-parablesAs Jesus often taught in parables to illustrate a deeper truth, please allow us to share with you a simple parable that perhaps will shed some light into the issue of debt in specific relation to credit card companies.

Imagine that, over the years, your neighbor Joe has graciously loaned you $20 here and there to cover gas fillups, a hot dog & lemonade at the ballpark, and other little events that found you short on cash. Each time you paid him back and your record of stewardship in Joe’s eyes was solid.

However, one particular month you find yourself very much behind on your bills and, needing some money to get you through the month, you approach dependable Joe saying, “I’m really embarrassed to ask you this Joe, but things are very tight for us right now and we’re finding ourselves in a bit of a bind. Could you loan us $1,000?”

With his usual willingness, Joe hands you ten crisp $100 bills and says, “No problem, you have always paid me back before, so I have no reservations about helping you. In fact, I’m glad to do it!” You take the money and pay your energy bill, purchase some groceries, and send some checks to several creditors – each time the vendors accepting payment with no problem whatsoever.

Several days later, you look out your living room window only to see Joe being led into the back of a squad car handcuffed & humiliated. Come to find out that dependable Joe was printing new money in his basement!

Here is the dilemma in which you are now confronted: Do you owe Joe $1,000?

You spent the money he gave you. You received goods & services – many of the items still in your home! Your vendors & creditors freely accepted your payments as did the bank in which you deposited the money.

We believe the answer is no – you did not borrow money from Joe even though you thought you did! And here’s how this story relates to the credit card companies. . . .

Credit Cards and Money Creation
Contract law states that in order to enter a legitimate loan transaction two parties must be at risk – the lender is at risk (they may not get their money back) and the borrower is at risk (they may pay back more money than what they borrowed). This legitimate loan practice is followed in most loaning cases EXCEPT when it comes to credit cards.

When a credit card application is approved and a consumer is issued an account with a line of credit, what actually occurs is that new money is added into the money supply & economy. The credit card companies are not using their own assets or money for you to access, they are creating new money by “monetizing your signature”, and thus they are never at risk and violate contract law.

There are many cases that have already been decided on when it comes to the issues of money, credit, and banking. The collection of interest on credit issued by a bank or a credit card company is in direct violation of all usury laws. The laws are very specific concerning the corporate authority of banks and credit institutions.

Contract law states: Two Parties Must Be At Risk; your bank enters into a contract with you and they don’t take on any risk because they don’t lend you depositor money, they create it out of thin air by monetizing your signature. You are the only one at risk (because of interest rate risk which means your risk is that you will pay back more money than what you thought you borrowed). This violates contract law. They charge you interest on an alleged loan which is against Usury laws. They don’t provide Full Disclosure in their contract explaining how they create a promissory note using your signature.

We base the initial phases of the CCRE process on Federal Laws, U.S. Supreme Court decisions, Title 15 of the United States Code section 1692, the Fair Debt Collections Practices Act – Section 1601, the Fair Credit Billing Act, the Uniform Commercial Code – Section 203, and numerous Banking and Lending laws.

Banks are breaking the laws as stated in the US Codes Title 15, Section 1666 and 1692, Truth in Lending Laws, Usury Law, and The Fair Credit Billing and Reporting Acts.

From these foundational truths & laws, we help you initiate a legal administrative dispute which then can develop into a dramatically reduced settlement saving you and your family thousands and usually tens of thousands of dollars! (Our average client enters $42,000 which guarantees at least a $21,000 reduction!)

Perhaps another “parable” to illustrate this truth would be helpful except this time it’s not fiction.

Our next post will discuss Christian goals & how they tie into credit card issues.

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