An Open Letter to Lenders

Dear Money Lenders,

I am disgusted. I am disgusted by the government bailing you guys out after you made piss poor loans that were not good for the lender and even worse for the person borrowing the money. I am disgusted with how easy credit was and how much it was marketed. I am disgusted on how much debt my wife and I I took on and were sleepily accepting as the way it is. I am also disgusted to see how our interest rates were raised even though we were always timely with our payments. I am also angry at seeing the value of my house decline by no fault of my own but due to market pressures due to the sub prime lending. I have had enough.

It is time to change how things are done. I can no longer afford your product of borrowing money. I can't get rid of that product right away but I can put a stop loss on getting any more of it. I am drawing the line in the sand and saying no more to debt. Good job guys, you have woke me out the slumber I was in and I am mad. I do not think I am the only one who is waking up. A certain bank who will remain nameless sent an offer of doing a rebate to my mortgage by using my credit card more. It is 1% rebate for all the money I put on my credit card. I don't think so. I am not going to put more on my credit card which is running at at double digit interest rate to help pay down my mortgage which is nicely under the double digit rate. The math does not make sense.

Money lenders-start taking better care of your customers. We are taking a good hard look at how much we really need you. I am doing some serious thought and effort to not needing the money you lend.

Signed,

a less than satisfied customer

Ps
Here is a good Henry Ford quote on debt

A business which can bring itself to the point where it attracts the attention of money should be able to continue on its own feet without being financed.

Another rock on which business breaks is debt. Debt is nowadays an industry. Luring people into debt is an industry. The advantages of debt have become almost a philosophy. Possibly it is true that many people, if not most, would bestir themselves very little were it not for the pressure of debt obligations. If so, they are not free men and will not work from free motives. The debt motive is, basically, a slave motive.

When business goes into debt it owes a divided allegiance. The scavengers of finance, when they wish to put a business out of the running or secure it for themselves, always begin with the debt method. Once on that road, the business has two masters to serve, the public and the speculative financier. It will scrimp the one to serve the other, and the public will be hurt, for debt leaves no choice of allegiance.


This quote was taken from this LINK.