The Set Off Crisis
http://www.bbc.co.uk/news/business-11185164
There is a special logic to banking. When your credit card and current account are held in the same bank, the bank, if you miss your payment, can and will, just take the money from your current account. If your family is budgeting to feed children, pay rent, or even pay for bus and train fare to get to work, the bank can wreak havoc with the operational strategy of a family in debt crisis.
To some, this may seem fair. You owe the bank, you are keeping money in the bank, they can therefore take it. But, what if you need to go into arrears on your credit card to save your job, or your child is sick, or one of a list of other emergencies . Is it the banks right to take money from your account without asking? Does this violate privacy issues, that your bank can scrutinize your account transactions?
This should all, however, be put within the context of usury and the public bailout of the banks. If, like our government, you are maintaining long term debt that you cannot afford to pay off and are just making minimum payments, the banks have probably gotten back there investment on the initial loan. This is part of their profit making strategy and the whole underlying economic system of credit cards. You signed your name, so its your responsibility.
When the banks failed, however, it was US the tax payers who bailed them out. We own the banks. We saved the banks. This isn’t something that we just picked up with some Tesco discount vouchers. We have a right to tell them when their policies are unjust. We have a right to curtail their abuses of power. They can look at an account and see when the money going in is from benefits. We can tell them to stop taking the government’s money that is meant to feed our children and steal it to enrich their own profits.
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