Debt Serfdom in America: Spiralling Household Debts, Mortgages, Credit Cards and Student Loans
‘As of October 2015, American consumers owe $8.17 trillion in mortgages, $900 billion in credit cards, and $1.19 trillion in student loans. Home mortgages, credit cards, and student loans occupy the most of the consumer credit market.
The consumer credit market is the dream paradise of money merchants, known as moneylenders. Just as pharma companies sell drugs to make money by way of profit, money merchants sell money to make money by way of interest. Note again, money merchants sell money to make money. They sell money to millions of American consumers needing to buy houses, cars, or home appliances.
They sell money to millions of American students becoming physicians, lawyers, managers, as well as to college students. Big operators set up banks, brokerage houses, and credit unions. Small operators run payday loans and pawnshops. The rich and the wretched, the lord and the tenant, teachers and students, men and women, all this and all that, except the privileged few, are obligated, in one form or the other, to money merchants.’
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