Credit Crisis One: Rise of The Credit Virus Twins

Today I'm going to tell you about a ravaging menace. It's not Identity Theft - it's much worse.

It's a virus that sits, quietly waiting. It goes ignored by 95% of the entire U.S. Population. It can be lethal to your finances and Credit Score.

In 1969, Iowa Resident Fred Fisher filed a Lawsuit against First National Bank of Omaha. He filed a complaint against the Omaha bank on September 3, 1971, for exporting Nebraska's higher interest rates to his state.

Mr. Fisher told the U.S. Court for Iowa that since that state's legislature had a Fixed Usury Rate Ceiling at nine percent, First National was breaking the law by charging him twice that around 18% for an advance.

Fred lost. But more importantly the American Consumer lost. Eventually, The United States Supreme Court awarded First National Bank of Omaha the victory that gave rise to the Credit Virus that threatens every Americans Credit Score and Finances.

When you borrow money or apply for credit, you put what's called a 'Hard Inquiry' [a.k.a Hard-Pull]. This starts the Unsolicited Credit Card Promotional offers (the kind that Fred Fisher filed a lawsuit for).

Kasondra masterfully explains 'Hard Inquiry' and 'Soft Inquiry'. In this short video.



[Watch it on YOUTUBE by clicking here]

There is little you can do once you have gone in to Universal Default. With our current Sub-Prime Credit Crunch, millions are being attacked by this notorious Credit Virus.

Usury Rates and Interest Rates are Ugly Twins. They are Mathematical Twins. They have the same DNA.

Interest was raised with common folk. He didn't have the privileges of high society. Interest was simple and straightforward compared to his Twin Sister. Interest Rates were held in check [in the U.S.] at the State Level.

Usury was raised upper class. Usury only associated herself with the elite. She was discrete, cunning and carried a pen much mightier than any sword. Usury had friends in high places. Her friends had money and influence.

Usury's power to charge Interest to Consumers was trumped by State Laws. Even with all of her power, Usury could only charge higher Rates to consumers in the State in which the Bank was Incorporated in.

This is why the American Consumer lost right along with Fred Fisher. The U.S. Supreme Court ruled that a higher Interest Rate from one State, could be exported to another State. The Supreme

The Court Ruled that the Rate Twins would no longer be separated by State Laws on Usury. The Court ruled that Interest could be charged based on the State of the Business charging the Interest. Now many businesses are allowed to export their States Interest Rates anywhere in the U.S. What is the result? It's a Credit Virus called 'Universal Default'.

Universal Default.Universal Default attacks as soon as any Consumer makes any mistake with any Credit Account. Miss a payment, make too many late payments, go over you credit limit and this virus will attack.

It can attack any Line of Credit- including;

• Credit Cards,
  
• Mortgages,
  
• Pay Day Loans and even
  
• Catalog purchases.
  

Once Credit Default strikes, your War On Debt Begins.

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