Crony Fascism: Debit Cards Don’t Build Credit – But Credit Cards Do

The Latest from Seton Motley | Less Government |
The Latest from Seton Motley | Less Government |
Please Pardon the Redundancy

This is one of the most titanic Big Government-Big Business scams of all time.

Big Gov has written its myriad banking laws – so as to funnel every single American into the Big Bank Credit Card Death Spiral.

2024 Credit Card Debt Statistics:

“Americans have an absolute mountain of credit card debt – $1.079 trillion, to be exact.”

What Is The Average Credit Card Interest Rate This Week? January 15, 2024:

“The average credit card interest rate is 27.79%, according to Forbes Advisor’s weekly credit card rates report.”

Big Gov has concocted a toxic combination of perverse credit card incentives.

Much to the Big Banks’ glee – and almost certainly at their behest.

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What follows is but a part of the extraordinarily awful policy Big Gov has foisted upon us….

If you spend your own money?  Via your debit card – connected to your checking account – into which you have already placed your money?

You credit score doesn’t change.  At all.  No matter how much you spend.  No matter how often you use your debit card to spend it.

Why does you spending your money – not help your credit score?:

“Debit cards and checking accounts do not get reported to the credit bureaus.…”

Well that’s obnoxious.

And if someone steals your debit card – or its number?  You’re out the money the thieves steal – unless and until the Big Banks recover it for you.

Get that?  The Big Banks are out zero.  Which is zero incentive for them to exert any effort at all to recover your coin – which is the only way you can recover your coin.


If you borrow the Big Banks’ money – via their credit cards?  And then pay back even a tiny fraction of what you borrow from them each month?

Your credit score skyrockets.  Even if you only pay back a little – while skyrocketing your credit card debt a lot.

And if someone steals your credit card – or its number?  You are out zero.  The Big Banks will take care of all of it.  And, of course, instantaneously send you a new credit card – to keep the debt train rolling.

Why don’t Big Banks report debit cards and checking accounts to the credit bureaus?

Because they’d rather charge you obscene fees each and every time you overdraw your account.

Bank Overdraft Fees Are Costing American Consumers $8 Billion Every Year

And because they’d really prefer you instead use their credit cards.

Where your overdrafts can mount sky high – as accruing debt to them.

Banks Are Raising Credit Card Limits Without Asking Customers

And they can charge you obscene interest rates on it.

All of these nation-destroying, credit card-favoring policies?

Are the result of the laws and regulations – written by Big Government.

Written for the benefit – of the bribe-paying Big Banks.

Isn’t Crony Fascism great?