The Hidden Crisis of Financial Exploitation

I am deeply frustrated with the rampant financial exploitation in America. It’s staggering to witness how the working class is systematically and willfully being exploited by credit card companies and other financial institutions.

Consider this: Credit card companies are legally allowed to charge interest rates as high as 36%. At one point, a company even charged a jaw-dropping 79% on unpaid balances. Currently, the average rate hovers just below 24%. This glaring disparity highlights a critical issue: the shift from productive capitalism—where profits are earned by creating and selling products based on market demand—to financial capitalism, which profits from lending to those in need and charging exorbitant fees.

Financial capitalism exploits the vulnerable, turning lending into a means of oppression with usurious fees designed to exploit the middle and lower classes. While these practices are legal, we must question whether legality equates to morality and ethics. Such practices contribute to a staggering divide between the wealthiest 1% to 2% and the rest of us.

To illustrate the moral and ethical dimensions of this issue, imagine you’re driving up a mountainous road and come across a bus teetering on the edge of a cliff. This bus is filled with the executive team from your favorite credit card company. Legally, you might be under no obligation to intervene. You could simply drive by or watch, but morally and ethically, most of us would feel compelled to act. We’d want to secure the bus and save those inside, without asking for anything in return. Let’s be honest: If I drove up and, rather than helping, gave it a little nudge and sent them to their deaths, we would all be horrified. In legal terms, this could be "criminal negligence," "deliberate endangerment," or even "manslaughter," depending on the jurisdiction. Morally and ethically, it would be seen as "extreme betrayal" or "intentional cruelty." Such actions reflect a severe disregard for human life and safety.

Now, apply this standard to credit card companies and cell phone providers. What is reasonable? Anyone who thinks that charging 24% to 36% interest is acceptable is either deeply misguided or motivated by greed, lacking a moral compass. The legal sanctioning of financial capitalism as a primary source of income is akin to nudging the bus over the cliff. It affects millions of Americans and is crushing those who follow the Boomers. Financial capitalism preys on the working class, and while some may have the means to pay off their balances in full each month, many are trapped by this exploitative system.

This is not a minor issue—it’s a crisis eroding the working and middle class. We must demand change from our lawmakers. While competing with the political action committees that fund politicians is challenging, we must rise up and insist that this exploitation is unacceptable.

When will we say enough is enough? It’s time to challenge these predatory practices and fight for a fairer system. The well-being of millions is at stake, and we cannot afford to remain silent. Even if it does not affect you directly, it is devastating the communities in which we live.

Join the Conversation

First, go back and vote on the post’s survet, PLEASE! I invite you to share your insights and reflections. How do you navigate the complex interplay between what is moral, legal and ethical? Share your experiences or challenges in discovering your true north. Together, let's delve into a meaningful dialogue about the importance of self-awareness and authentic living in both personal and professional realms.

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