PERC-UP.ORG – Your Call to Action for Credit Card Reform

Click to go to Perc-Up website

Click to go to Perc-Up website

Thank you for your interest in the PERC-UP.ORG Citizens’ Initiative. I have a dream. I dare to imagine that we, as a group, can influence our Congressional leaders to pass legislation that will allow the people to lead this country through our economic crisis. We are asking them to enact legislation that focuses on credit card interest rate and policy reform and other legislation in support of our percolate-up theory of economics,.

More than two-thirds of our country’s economic activity comes from consumer spending. It follows, then, that relief provided to the people of this country will percolate up through our economy and lead us out of this national crisis.

We are all aware of the many efforts Congress has made in the form of bailout programs. Their current initiatives are based on the trickle-down theory of economics, a form of political rhetoric that supports the belief that if the government pours billions of dollars (perhaps even trillions of dollars) into the financial industries, it will indirectly benefit the broad population. The only thing that has trickled-down, are the losses, which will be paid for by us, the taxpayers, for generations to come. Our funds are being directed at the very industries that caused our economic crisis in the first place. Our leaders need to re-direct their efforts toward relieving the financial burdens being borne by the people. We are, after all, the same people that have the power to bring about our nation’s economic recovery.

I don’t mean to simplify the events leading to the economic breakdown of our nation. However, there is a clear sequence of events that occurred to bring us where we are today. It started with banks. Once they recognized that they could make their profits up-front by selling off the loans they make, they systematically slashed the policies and procedures that applied safe and sound lending practices to their credit evaluation process. They had their gains, and they no longer had risk, and so they just didn’t care what the long term consequences would be. They failed in effectively evaluating mortgage loans, ignoring long-standing and time-honored standards. In this same manner, they failed and continue to fail in effectively evaluating credit card loans.

In the case of the mortgages, the practice of issuing no-income, no asset verification loans created a buying frenzy throughout our nation that artificially increased housing prices. It was the banks’ aggressive lending standards that enticed people, over the last decade, to purchase homes they could barely afford and to incur credit card debt they could never expect to repay. It was the banks’ deceptive and irresponsible behavior that has put our entire country’s economic stability at risk.

I believe it was an understanding of these issues that prompted the Anonymous Banker to write to Joe Nocera, the journalist for the Executive Suite BLOG in the New York Times. I was inspired and moved to create this website when I read the many readers’ comments to the article titled, “The worst is yet to come. Anonymous Banker weighs in on the coming credit card debacle.”

I would like this site to be the place where we, as a unified group, come together and declare in one voice that we need immediate and meaningful changes in legislation directed toward revitalizing the financial stability of the consumer and business owner. It is the people that will revitalize the economy …. one household at a time, one small business at a time, then one community at a time, and then one state at a time, and then ultimately, our entire nation will benefit!

This website is designed to be a place that encourages each and every American to embrace and utilize the rights afforded to us through our democratic process, and to come to understand that individuals CAN make a difference. But in order to do so, you have to set aside some time from your busy days and share your comments and concerns with your Representatives and Regulators. I hope our site both encourages you and enables you to do this, whether it is in support of vital and immediate changes needed in the Credit Card industry or any other matter that is of economic concern to you or your community.

The PERC-UP Citizens’ Initiative is a call for legislation that should become immediately effective and focus on consumer protection, promoting manageable dependence on credit products, reducing borrowing costs and related charges to reasonable limits, and providing tax deductions that provide some financial relief to the consumer and small business owners. One focus is on credit card interest rate and policy reform. Click around the site and learn more about this topic. I will be adding different links as time goes on. Knowledge is power. And I’ve tried to gather some informative reading sites for you to visit. I welcome all comments and suggestions to improve and develop the site in ways that might help you.

Every day, in response to the economic crisis, new laws and regulations are being proposed. Tremendous amounts of money are being poured into the banks. But the only way to change the way the banking industry behaves, will be through new legislation. Certainly, the banks have shown that they will not voluntarily make these changes on their own. Their first concern is to create profits for their shareholders, who in turn, continuously demand more profits. In this vicious cycle, the banks are setting aside all reasonable business practices that, just a few years ago were the core of their foundation…. Honesty, Fairness, Respect and Accountability. Instead, their actions today are based on …. Deception, Greed, Avarice and Poor Judgment. Additionally, the banking industry invests tremendous amounts of money into lobbying efforts to persuade the lawmakers protect the their interests first.

The only way to change this course, is by coming together as a group and speaking in one voice. This is our right and our obligation. Please join our group and help lead the way to our nation’s economic recovery.

Use the letter we’ve provided, but be sure to add your own personal story on how you’ve been affected by the banks and our country’s economic crisis. It is, in fact, your story that will encourage our leaders to take action. Please be sure to pass our site on to family, friends, members of your house of worship, and business association colleagues, so that others can join the PERC-UP Citizens’ Initiative.

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