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An economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market; this is the definition of Capitalism (merriam-webster.com).

It’s this system that gave birth to

Which banks are you working for?  A stunning statistic shows the nation’s biggest banks own 63% (up from 17% in 1995) of America’s GDP (Gross Domestic Product): http://finance.yahoo.com/news/Financial-Debate-Renews-nytimes-391084522.html?x=0.  If you’re like me, you’ve spent a countless number of months, years or decades paying banks like Chase (corporate headquarters photo below) and Bank of America.  So, where do decades of payments lead you?  Is there an end in sight or is it acceptable that pay day means banks get paid and borrowers will endlessly pay?

A recent story in the Sunday edition of the New York Times discusses  the nearly 30 year long financial fog (which, we’ve become very accustomed to) of cheap credit, low savings and a historically high dependence on banks.  As Wall Street recovers from the most economically shocking financial crisis since The Great Depression, it’s safe to say the days of  record low interest rates, easy underwriting and care free personal finance on Main Street are coming to an end.  

Ever find yourself swimming in the sea of fear?  Waves of negativity endlessly flow from media, people, things and events in a relentless effort to get you to believe the hype in so many shapes and forms: from “eat this, not that” and “save now, buy that” to claims like, “the future of your children is bleak”, fear is the engine fueling the global economy and quality of life for the young, old and middle aged populations. 

As we say goodbye to the holiday season and another year passed , it’s the right time to

In anticipation of new consumer protection credit card laws taking effect in early 2010, credit card companies have figured out yet another way to maximize profits fast.  As many have heard in the news, credit card banks are increasing minimum payments from 2% to 5% of balances owed.  One Chase customer told CNN his payments were spiking up from about $200/month to over $900/month!  The customer told the creditor he’ll be forced into bankruptcy if the payment jump is sustained.  The story didn’t say how he ended up, hopefully he took the right steps.

This is how