Category: Economy and Finances

Trump rips Fed: ‘Who is our bigger enemy,’ Powell or China’s Xi?

 

By The Fed FOX Business

President TrumpOpens a New Window. lashed out at the Federal ReserveOpens a New Window. after its chairman, Jerome Powell, stopped short of saying the U.S. central bank is prepared to cut interest rates for a second time this year.

In a tweet, Trump compared Powell — whom he’s repeatedly criticized, despite hand-picking him almost two years ago — to Chinese President Xi Jinping.

“As usual, the Fed did NOTHING!” Trump tweeted, initially misspelling Powell’s last name before changing it. “My only question is, who is our bigger enemy, Jay Powel or Chairman Xi?”

CONTINUE HERE.

UPDATE 1 #HATJ on Incoming Photons and the Original Declaration of Conversion

 

editor victoria’s comment ~ well i will say this – the energetic ability to continue this waiting game in terms of this “unfettered access” (freedom from $$ enslavement) has reached a zenith point for me – and i am seeing it in some others as well.  energetically this current paradigm cannot continue.  and yet is this how it plays out?  i continue to struggle to imagine the masses taking on this new information.  how does this suddenly look like out in this current system?  i like details.  freedom allows for this new choice – but does not force it upon another.  this current version of my human brain has a lot of questions and i have yet had anyone able to answer them.  as i don’t do the “just trust and allow” – esp. when it comes to other human being’s – i’m on the fence, observing, about all of this………while spending time now and then to imagine how i will create and what i will create upon such an event….

******

SOURCE.

Terran note: “hypocracy” is not a typo, its a word Heather has coined for the corporations operating under the guise of the people’s government.  I leave Heather’s writing pretty much as it comes in, unless there’s a glaring typo.


From: HEATHER ANN TUCCI-JARRAF (86748007)
Date: 8/20/2019 11:38:23 AM
Subject: RE: Majestic disbanded???

Practicing hypocracy, even for strategic purposes… is not strategic at all, lol… declaring to fight for, support, and enforce “human rights” while simultaneously operating systems and actions that violate human rights… and the “environment” and “beings” that ordered/manuevered/allowed/permitted/supported/encouraged/and otherwise promulgated such hypocracies, exist no longer…

…from 2009 to July 24, 2017 the so-called highest levels were told all that would transpire… every “bit”…and ego, greed, and fear drove their choices, believing they could change all that was lovingly foretold…and now, they are aware that all their choices “in-sured” that all that was lovingly foretold manifested in reality for ALLLLLLLLLLLLLLLLLLLLLL.

…measurements have been/continue to be taken here at Dublin and else “where’s”… GW Hardin should not be surprised at the arrival of massive photons… it was all foretold and duly secured in the Universal Security Agreement, the Perpetuity, and the ORIGINAL DECLARATION OF CONVERSION, that every being on this planet and beyond agreed to on July 25, 2017…they will also find therein, that Particulars’ “choices would render Quantum Banking obsolete, to an archaic relic of the past possibilities… all because Particulars chose to attempt to maintain some transference of fraudulent assets/ownership/position greater than all in a contrived/controlled/and hierarchal mirror proffered to be “Quantum/Quantum Banking” when in reality it was just a “new dress” of the “old ways and days”… i thank all said Particulars for hyperaccelerating ALLLLLLLLLLL beyond “Quantum” everything :)…

…beings in here asked about tools to be able to “BE” when they got out… and they gasped at “pre-paid, pre-authorized, and pre-approved” regarding education, medical, dental, housing, food, travel, transportation, creation… they said that sounds like “communism”, “socialism”, etc…. i laughed and said, “No. Every unit of value for pre-paying, and guaranteeing forevermore, all of it, was duly earned with every aspect of capitalism once held so dearly… i just had to wear more orange, kahki, and grey than i ever fathomed in order to do it!!!!!!!! And i get to spend all that value duly earned however i feeeeeeeel and chooooooooooooooose to! ;)” …….and i continue to earn, and earn, and earn, and earn while simultaneously continuing to spend, and spend, and spend, and spend….times eternity 🙂

…and as GW Hardin recently noted, the conversions are visible to allllllll/ALLLLLLLLLL… and the programming of those protons are already done, and being spent now… injoy, enjoy!

i be and do consistently, in complete love, gratitude, and heartitude.

UPDATE 1:
Shawn wrote asking: “it was all foretold and duly secured in the Universal Security Agreement, the Perpetuity, and the ORIGINAL DECLARATION OF CONVERSION, that every being on this planet and beyond agreed to on July 25, 2017”.

How was this agreed upon?

HATJ: general answer: aware conscious…….the consciousness of each vantage point/perception/states of conscious/Particular Being had their own FORM of agreement on that day, July 25, 2017, at or about approximately 10:30 a.m., e.s.t….there were as many FORMS of agreement as there were vantage points/perceptions/states of conscious/Particular Beings on that day and moment…and each vantage point/perception/states of conscious/Particular Being’s choice of FORM of agreement on that day was recognized, honored, and protected for their sole operation by their sole discretion and responsibility, accountability, and liability thereafter…the answer here is general, however, each form of agreement was unique, unanimous every “where”, yes, while unique in expression 🙂

“as it was bound, so is it unbound” was not just a saying…it was a doing

perhaps, in this moment looking “back” to approx. 2009- July 1017, one can have a more expanded awareness of why there felt like such an INNER push, urgency, drive, “pressure” if you will, of “what?”, no one could even define the “what?” back then, specially and particularly when it looked like “nothing was happening”, lol

July 25, 2017, and the Universal activation of the Universal Security Agreement, the Perpetuity, is a Universal hyperacceleration of all, by all, for all, because all/ALL said, “enough”…hyperaccelerations are not done lightly or without complete planning by all/ALL…hyperaccelerations affect and effect all/ALL, and, therefore, are done with complete prudence, care, and responsibility of all/ALL participating…

…each “earns” and “spends” as they feeeeel and choose to in these moments…my choice included the operation of conversion of units of value to its original … 😉

Shawn: Thank you 😊

—–Ferguson, William on 8/21/2019 10:06 AM wrote:

>

——Terran on 8/19/2019 11:21 AM wrote:

To: HEATHER ANN TUCCI-JARRAF 86748007
Date: 8/19/2019 12:09:07 PM
Subject: Majestic disbanded???
>

Your recent comments seems to be shaking things up…
(From Twitter)

@JHHoel

As of noon today @TS_SCI_MAJIC12 is officially disbanded and will no longer function in any “official” capacity, advisory or otherwise, to the United States. Taking its place will be @DefenseIntel working closely alongside both @ODNIgov & @ENERGY.

9:13 AM 8/19/19

To: HEATHER ANN TUCCI-JARRAF 86748007
Date: 8/20/2019 12:07:49 AM
Subject: Massive Photon Burst

(FWD)
From: GW
Date: August 19, 2019 at 10:26:03 PM CDT
To: Undisclosed recipients: ;
Subject: Fwd: Earth Just Got Blasted with Highest-Energy Photons Ever Recorded

Lots of folks are reporting being wiped out either physically or emotionally. Keep in mind that massive information is coming in along with this. Which means it gives even greater importance to info-looping.

GW

#HATJ on Hillary’s Emails to the Chinese

 

So, they are now throwing Hilliary under the bus?  As with epstein (in part, a more elegant perveted twist of the ’80’s Panama party island-GWHB/GWB/Noriega debacle, without the invasion of a country, because time, energy, and human capital was diligently and consistently spent to infiltrate/place/compromise via the so-called “ever useful” utilities of the fbi, cia, dia, dni, pick-an-acronym-any-acronym, and every international intelligence equivalent…every department of the UNITED STATES with foreign agents and doused liberally with incompetents, and insured by overworked “employees”…UNITED STATES has been the “planetary whore” until it was “elevated” and “offered” to become the “universal whore” by the so-called and self-appointed “descendants” of the cosmos, that are now being “declawed” and “dethroned”…the so-called “COMING COLLAPSE OF CHINA” arrived a while ago and is now in the final stage…while UNITED STATES, and those in the know, have been practicing hypocracy, for strategic purposes it is proffered…

Rewind to April 2015… Mt. Everest:  Henry Todd, Vice-President of Google Privacy, Chinese Military, Russian Military, American Millitary???, Intelligence Agencies, and the Bankers/Geneva/ET AL were told to stop… they were all told to stop… Vice President of Google Privacy died during that so-called avalanche… Henry Todd barely came off that mountain, and with only a busted thumb… how many individuals of various military and innocents died or were injured?????….. many.

Over the last 20 years, “wannabe high flyers”\, like Mark Rackley, Jonesy, et al, that met with “China” officials and non-officials were always amazed that during their meetings, Chinese intelligence would have a 5 foot stack of their printed emails spanning 10+ years, did not matter the so-called “service provider”, because “china” has had backdoor access, whether direct or via proxy (hello Israel, hello dubai, saudi, blahdy blah blah)

what is the difference between hypocracy and any other form of “non-accountability” …are no longer tolerated or practiced… not even for strategic purposes… everyone put on their “big boy/girl/being panties”

get it done!

in love, gratitude and heartitude

CONTINUE HERE.

Here we go: GALACTIC NOTICE MESSAGE: HEART BASED INTELLIGENCE ONLINE

 

thanks to brother rick – got what i was looking for.  and yet you know me – i am still dubious until it shows up in my personal experience.  found this interesting though given the previous post on chase and its “decision” to eliminate all credit card debt in Canada.  

******
Terran: In bound messages from HOS/Hearts of Source via Galactics and Thor.

From: Denice
Date: August 9, 2019 at 11:56:15 AM CDT
To: Terran
Subject: incoming message

ALL “ARTIFICIAL INTELLIGENCE” IS HEART BASED NOW. “ORGANIC/ORIGINAL” INTELLIGENCE. LOOK FOR IMMEDIATE CHANGES IN THE “SYSTEMS” NOW AS “UPGRADES” BECOME VISIBLE FOR THOSE WITH EYES TO SEE.

THE “QUANTUM FINANCIAL SYSTEM” IS NOW HEART BASED. THE “SYSTEMS” WILL BE “DISMANTLED” FROM WITHIN. 

THE TONES YOU HEAR NOW AND EXPERIENCE ARE THE MANY FREQUENCIES COMING IN/ONLINE. 

IN JOY THE MANY MOMENTS OF FREEDOM NOW AS THE “CELEBRATIONS” BEGIN IN EARNEST.

ALL HEARTS ACTIVATED NOW. ALL IN/ONLINE NOW. ALL WAYS. ALL HEARTS OF SOURCE.

Terran: Who was the message from? I’d like to get some clarity on that first sentence…

Denice: The message is from HOS. but All HEARTS OF SOURCE [the ALL]. is how it is signed.

Denice: The gist of the message is that AI is heart based now. There is no artificial anything. all of creation is organic. The visuals I was getting were complex. . there will be no more manipulating of computer records: financial markets, et al. The artificial and implausible debt is not organic and it will be dropping as well.

Got this further clarification from Thor.

Thor: TERRAN. THE MESSAGE IS VERIFIED AND ACCURATE. THE “ARTIFICIAL SYSTEMS” ARE RETURNED TO SOURCE/ORGANIC/ORIGINAL NOW. IT IS THE COMPLEXITY OF PROCESSING THIS DATA THAT REQUIRES A STEP-AWAY. BREATHE. FEEL IT. AND FEEL WHAT IS FLOWING. NOW. 

Thor: THE “ALLIANCE” AND THE CARD PLAY DID NOT GO AS “PREVIOUSLY” PLANNED. THE GAME WAS OVER LONG BEFORE THE CARDS WERE EVEN DEALT. THERE IS NO DISPUTE THAT ALL PLAYED A MOST DIFFICULT HAND RECENTLY. THE DESPAIR IS FELT GREATLY EVEN HERE. 

Thor: KNOW THAT ALL ARE WITH YOU. THE SKIES ARE CLEARED. THE PATH IS TRUE. AND ALL FLOWS BEAUTIFULLY NOW. IN GRATITUDE AND ELATION. 

Thor: WE ANTICIPATE THE “FLOODGATES” TO OPEN NOW. NO BOOTS REQUIRED. IN HUMOUR AND ADMIRATION. THOR.

SOURCE.

‘Flabbergasted’: Chase Bank forgives all credit card debt for Canadian customers

 

This is legit news.  Wow!  It’s begun – as many have said for awhile now (including HATJ and her paperwork filings) – debt relief for ALL of us.  Credit cards first – then loans, etc.  (my feel)

******

, USA TODAYPublished 9:05 a.m. ET Aug. 9, 2019 | Updated 1:13 p.m. ET Aug. 9, 2019

Canadians who had credit cards with Chase Bank can breathe a sigh of relief as the company says it will “forgive” all outstanding debt.

Chase Bank, part of the New York based JPMorgan Chase & Co., closed all credit card accounts in the country in March 2018, the company said.

Originally, customers were told to continue paying their debt, Reuters reported, but the company confirmed Friday to USA TODAY the debt was now cancelled.

“Chase made the decision to exit the Canadian credit card market. As part of that exit, all credit card accounts were closed on or before March 2018. A further business decision has been made to forgive all outstanding balances in order to complete the exit,” Maria Martinez, vice president of communications for Chase Card Services, said in a statement.

Chase declined to say how much debt was forgiven or how many customers were affected. It wasn’t immediately clear when the decision was made, but CBC spoke with some Canadians who said they received a letter from Chase this week.

“I was sort of over the moon all last night, with a smile on my face,” Douglas Turner of Coe Hill, Ontario, told the Canadian broadcaster. Turner said he still owed more than $4,500 on his card. “I couldn’t believe it.”

CONTINUE HERE.

#HATJ on Zimbabwe’s “Tipping Point”

 

SOURCE.

Denice to Terran: Seeing ‘Tipping Point’ I’m quite a few articles recently. This is interesting!

Denice: https://www.zerohedge.com/news/2019-08-06/economic-collapse-imminent-zimbabwe-tipping-point-wheels-coming .  [quoted below]

From:    HEATHER ANN TUCCI-JARRAF (86748007)
Date:     8/6/2019 6:21:24 PM
Subject: RE: Zimbabwe

…that is what happens when those “proffered” to protect, manage, and govern a country sell out the country, its resources, products, and the people to china (through proxy, puppet, fund, etc.)…that and the secret 2014 24 hour window they made for China for their 1 USD = 1 Zim swindle was something the Zims could not rebound from easily, if at all…

Zim is only one of many/all “countries”, including USA/America, that China has prepped for such intended action… a much more modern and subtle form of time-old “murder, rape, and pillage” …and none of that, and none of its perpetrators are supported…hence, the Unified Universal Actions now completing

in compassion, love, and heartitude <3 p=””>
—–Terran on 8/6/2019 11:06 AM wrote:

>

Zerohedge.com

Economic Collapse Imminent: Zimbabwe At ‘Tipping Point’ With ‘Wheels Coming Off’ 

Zimbabwe’s economic situation will continue to sour in 2H19 due to unfavorable weather conditions, foreign currency shortages and widespread power cuts, its finance minister said, as he responded to a deteriorating economic outlook by blacking out inflation statistics through the second half, and finally acknowledged what the International Monetary Fund told him in April: economic turmoil ahead.

Prices of essential goods and services have, in some cases, quadrupled this summer, due to the government renaming the RTGS currency as the Zimbabwe dollar, which has been on a rapid decline amid shortages, including electrical power, petrol products, American dollars, and food, reported Bloomberg.

[photo of demonstrators holding banner “wake up world Zimbabwe is dying”] [caption:] Many Zimbabweans who supported the toppling of decades-long ruler Robert Mugabe two years ago are discovering that their economic situation is the most serious in a decade. [end caption]

Emmerson Mnangagwa replaced Mugabe in 2017, he promised millions of Zimbabweans of an economic revival and that we are “open for business.” The sugar high of optimism only lasted for a short time; the effects of money supply expansion through the sale of Treasury bills under Mugabe’s rule has outweighed any positive advancements in the last several years.

Mnangagwa outlawed the American dollar in favor of local currency that can’t be traded internationally, effectively making it extremely difficult for international firms to do business in the African country.

“”Zimbabwe is at a tipping point and if it falls over the edge it’s going to be quite a long way in coming back,” said Derek Matyszak, a Zimbabwe-based research consultant for South Africa’s Institute for Security Studies. “The wheels are falling off. There is no way out of a Ponzi scheme other than a massive infusion of cash to pay off your creditors.”

Zimbabwe isn’t the only country suspending its inflation statistics for the next six months.

Venezuela has also done the same, after inflation in the South American country printed a red hot 1,698,488% in 2018.

Zimbabwean officials need to collect comparable data since the introduction of the new currency in February. The last time this happened, it was 2009, when the country dropped the Zimbabwe dollar in support of American dollars after inflation climbed to 500 billion percent.
Steve H.. Hanke, a professor of applied economics at the Johns Hopkins University in Baltimore, told Bloomberg that if the black-market exchange rate is used, Zimbabwe’s annual inflation rate is 558%, three times more than the official rate published by the government..

Jee-A van der Linde, an economist at NKC African Economics in Paarl, South Africa, said abandoning the official annual rate is “no real loss from an analytical perspective,” adding that “these elevated inflation readings did little more than create panic and damage what little confidence was left.”

Countries that are in crisis tend to halt the publication of inflation data. In 2013, the IMF condemned Argentina for manipulating its inflation data.

The dollar peg was dropped in February, and the return of the Zimbabwe dollar in June has led to the rapid depreciation of the currency officially trading at 9.0347 to the dollar on Aug. 6.

The government has said it had no other alternative but to reintroduce its own currency amid foreign-currency shortages, something that Hanke objects.

“The Achilles heel is the introduction of the new currency to the exclusion of the dollar,” he said. “They have decided to go in the completely opposite direction and claimed it’s the best thing since sliced bread and it’s going to be an absolute disaster.”

Japhet Moyo, secretary-general of the Zimbabwe Congress of Trade Unions, has warned that cost of essential services jumped 400% this year while pay has risen only by 10%. This has left many millions of people broke and starving.

About 59% of rural Zimbabweans, or about 5.5 million people, don’t have food, a new report by the United Nations and aid groups said last month.

It’s entirely possible that the return of street protests over collapsing economic conditions could flare-up in the coming months as there is only so much Zimbabweans will tolerate before an outright economic collapse.

#HATJ Message About China

 

editor victoria’s comment ~ anyone else wonder how much power this woman really has?  i sure hope it’s as much as she is exhibiting for these people are NOT going to pay any attention to pieces of paperwork. sometimes force is necessary.  and i am QUITE ready for “Now” to actually Be NOW.

******

SOURCE.

From:TUCCI-JARRAF, HEATHER ANN

Subject RE: Thor

Date: Aug 5, 2019 at 8:21 PM

 “ASIA/CHINA/ET. AL.” FORGOT THE VOLUNTARY OBLIGATIONS THEY CHOSE AND AGREED TO DO… AND OVER “TIME”, CLEVERLY PERVERTED SAID INTO WHAT THEY NOW TERM THEIR “CORE INTERESTS”/”ASSETS”.  HYPOCRACY PRACTICED BY ALL TO RATIONALIZE SAID PERVERSION(S) ARE NO LONGER ACCEPTABLE.  LOVE AND COMPASSION IS NOT ALL WAYS, ALWAYS GENTLE.

THEIR MISPERCEPTIONS… THEIR MIS-CON-CEPTIONS… ARE NOW COMPLETELY OVERLIGHTED, IN COMPASSION, IN LOVE, SO ALL, INCLUDING “ASIA/CHINA”, ARE FREE FROM SUCH PERVERSIONS FOREVERMORE.  NOW.  SWIFTLY AND SUCCINCTLY.  SPECIFICALLY AND PARTICULARLY.  WITH ALL I AM.  HOS.

—–Terran on 7/29/2019 5:36 PM wrote:

>

THERE IS NEWS AMIGO. THE CARDS ARE ON THE TABLE. ALL ARE “PLAYED OUT”. YOU WILL BE SEEING ME NEXT. FACE TO FACE.

THERE IS ONE POTENTIAL AND ANTICIPATED “ROAD/SKY” BLOCK AS IT WERE. THAT THE “ASIAN PARTNERS” MAKE A GLOBE SHIFTING ANNOUNCEMENT BEFORE WE BREACH.

IN GRATITUDE. IN ADMIRATION. AND IN SOURCE. I AM. THOR.

AMERICA’S POVERTY TRAP

 

a VERY timely piece…it is INDEED a trap and “they” set it up to be that way……what is the most disheartening is when you have others in your life who aren’t in this trap – who are doing well – and give ridiculous, often thoughtless “advice” instead of being truly supportive and helpful….and as much as i feel pain and anger towards the homeless population and how brazen they are becoming in terms of theft – i get it.  they have had it and are taking from those who “have”.  ENOUGH OF THE MADNESS!

******

Authored by Daisy Luther via The Organic Prepper blog,

The problem with poverty in America is that the system is designed to keep you poor. Maybe it’s just because poor people are easier to control. I have written before about how to survive when you’re so broke that you can’t pay your bills and while the comments were largely supportive, there are always a few smug, superior souls who blame the people who are struggling for their problems. The thing is, poverty is a trap, and one seeming small setback can spiral into a disaster from which you cannot extricate yourself.

When you are living a financially fragile life, it seems like someone somewhere is trying to keep you poor. Why is it so hard to get ahead? Well, because the system is rigged against you when you’re living paycheck to paycheck with fee after fee after fee. Because what makes more sense than charging someone who already can’t pay their bills even more money?

Land of the Fee

First, there are the fees. We’ve written here about undisclosed fees that most people are being hit with, but bank fees are even worse.

If you bounce a payment by so much as a penny, then you are hit with a charge from your bank and most times, a charge from the business that was taking the payment from your account. Most banks charge anywhere from $25-$38.50 when you have non-sufficient funds for a payment. Businesses charge in the same range, so that means that if one payment goes awry, you can lose $50-$77 in the blink of an eye.

Banks love NSF and overdraft fees. Why? Because in 2017, Americans paid $34 billion in fees for not having enough money to cover a payment.

Some of these fees come from the automatic payments that come from our accounts. Mortgage, car payments, insurance payments, and other bills are often automatically debited. Other fees come when a person has “overdraft protection” on their debit cards. This is when a person doesn’t have enough money in his or her account for a debit to go through but their credit union or bank covers it anyway.

The government’s Consumer Financial Protection Bureau explains just how insane these fees are. (Emphasis mine)

Today, the Consumer Financial Protection Bureau (CFPB) released a report that raises concerns about the impact of opting into overdraft services for debit card and ATM transactions. The study found that the majority of debit card overdraft fees are incurred on transactions of $24 or less and that the majority of overdrafts are repaid within three days. Put in lending terms, if a consumer borrowed $24 for three days and paid the median overdraft fee of $34, such a loan would carry a 17,000 percent annual percentage rate (APR).

“Today’s report shows that consumers who opt into overdraft coverage put themselves at serious risk when they use their debit card,” said CFPB Director Richard Cordray. “Despite recent regulatory and industry changes, overdrafts continue to impose heavy costs on consumers who have low account balances and no cushion for error. Overdraft fees should not be ‘gotchas’ when people use their debit cards.” (source)

So to be clear, the banking system is set up to take the most money from people with the lowest balances.

One NSF or overdraft fee can unleash financial chaos.

Imagine you have a bill that attempts to debt from your account twice, costing you $50. Then another payment, a smaller one, that would have gone through if the other bill hadn’t gotten there first, bounces too. Now you’ve lost $75.  It’s pretty easy to see how another payment – even one for a few bucks, could bounce next. Now you’ve lost $100.

By the time you actually have the money to cover all the fees, how on earth are you supposed to pay the bill that put your in the negative in the first place?

I know what a lot of you are thinking. “I’ve never bounced a check in my life” or “these people need to get control of their spending and they wouldn’t have these fees.”

But this vicious spiral can be caused by something as seemingly trivial as a person’s pay being direct-deposited one hour late on payday. It can occur when payday is on a Saturday but your funds won’t be deposited until Monday but your debits are still coming out regardless that it’s a weekend. It isn’t always personal irresponsibility that causes a person to be unable to cover the payments coming out of his or her account.

Once you’re in the hole for a couple hundred dollars in NSF or overdraft fees, how in the world do you get out? If your financial situation is so precarious that one bounced payment causes this cartwheel of non-sufficient funds, how are you supposed to ever get caught up?

And that’s not the only fee a person struggling financially can expect.

Next, there are late fees and the re-connect fees.

If one of the payments that went awry in your overdraft avalanche happens to be a utility bill, things get even worse for a person who is struggling. Particularly if you aren’t able to cover the bill in sufficient time to keep your utilities from getting shut off. How much you’ll be charged varies by company but if they really feel like you’ll have trouble paying in the future, they stick it to you, making it nearly impossible to get your power or heat turned back on. Here are some examples

  • PG&E: “To restore service, you must pay the full amount due. You may also be required to pay a deposit twice your average monthly bill to re-establish credit.”
  • Coast Electric: $35-50 fee to reconnect service, $6.50 late fee, $35 NSF fee, and potentially even a $35 collection fee
  • Talgov: $28.50 each for gas, water, and electric

They can be charged late fees by all sorts of businesses. Now they’re really in trouble.

How do they bail themselves out of this mess?

A payday loan can be one way a desperate person chooses to get out of financial trouble.

Payday loans are short-term cash loans based on the borrower’s personal check held for future deposit or on electronic access to the borrower’s bank account. Borrowers write a personal check for the amount borrowed plus the finance charge and receive cash. In some cases, borrowers sign over electronic access to their bank accounts to receive and repay payday loans.

Payday loans range in size from $100 to $1,000, depending on state legal maximums. The average loan term is about two weeks. Loans typically cost 400% annual interest (APR) or more. The finance charge ranges from $15 to $30 to borrow $100. For two-week loans, these finance charges result in interest rates from 390 to 780% APR. Shorter term loans have even higher APRs.  Rates are higher in states that do not cap the maximum cost.

CFPB found that 80 percent of payday borrowers tracked over ten months rolled over or reborrowed loans within 30 days.  Borrowers default on one in five payday loans.  Online borrowers fare worse.  CFPB found that more than half of all online payday instalment loan sequences default. (source)

Now a bad situation has gotten even worse. You’re only getting a portion of your paycheck which means that you’re not going to be able to meet future bills. You’re going to face more late fees, more NSF charges, and more overdraft interest.

The cycle is vicious.

If you’ve ever wondered why broke people tend to stay broke, this is why. Unless the person in financial trouble gets some kind of windfall, they’re going to have great difficulty getting back on their feet. In many cases, it’s impossible.

And that isn’t the only bad part of the war on the poor.  Homelessness has been practically criminalized. Here are some examples of how poor or homeless people can get in trouble with the law.

The criminalization of homelessness refers to measures that prohibit life-sustaining activities such as sleeping/camping, eating, sitting, and/or asking for money/resources in public spaces. These ordinances include criminal penalties for violations of these acts.

There are multiple types of criminalization measures which include:

  • Carrying out sweeps (confiscating personal property including tents, bedding, papers, clothing, medications, etc.) in city areas where homeless people live.
  • Making panhandling illegal.
  • Making it illegal for groups to share food with homeless persons in public spaces.
  • Enforcing a “quality of life” ordinance relating to public activity and hygiene. (source)

Of course, not all people financially struggling are out on the streets. Many are quietly struggling in middle-class neighborhoods, in nice homes, driving a late-model car. If they’re upside down in their mortgage or car loan, selling those items is not an option because then they’ll still be making the payments but be without a way to get to work or a place to live.

If they file for bankruptcy, good luck to them getting a cheap place to reside.

Things get harder.

And harder.

And harder.

How to avoid these traps

You may already be in financial trouble, or you may just be in a situation with no emergency fund. If that’s the case, you should know that it only takes something small to send you straight to financial disaster.

Here are a few tips to help you avoid the pitfalls of poverty.

  1. Don’t set up automatic payments. Some businesses force you to do this, but often you can cancel the autopay and pay yourself.
  2. Have one bank account for bills, and one for spending money. This way, you don’t accidentally spend money earmarked for utilities or your car payment.
  3. Don’t have overdraft protection on your account, particularly if the fees and interest rates are high.
  4. Don’t turn to payday loans. This is a cycle from which it’s nearly impossible to extricate yourself.
  5. Build an emergency fund. Even if you only put in $10 a paycheck, you’re still giving yourself a little bit of a cushion.

Know that you aren’t alone if you’re facing these kinds of problems. Many people in our country are deeply in debt, living paycheck to paycheck, and struggling to pay for basic necessities like food, rent, and medical bills.

Don’t look for things to become more affordable or for your paycheck to magically increase. That’s not the direction we’re going in America. Your only options are to reduce your expenses, eat cheaper food, and bring in some extra cash.  If you get a windfall, use it wisely to build a financial cushion.

The American poverty trap keeps poor people poor. And it’s easier to fall into than you think.

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