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While the banks may be ignoring the recent protests in Washington, the next wave of protest brewing in the middle classes of America will certainly catch their attention.

According to the Federal Reserve, Americans currently hold more than $780 billion dollars in "revolving" credit card debt. "Revolving" debt is when the card holder pays only the minimum payment [url=http://www.lcdmo.com/hollister.php]hollister pas cher[/url] every month.

And many Americans who need help with debt are coming to the conclusion that making even the minimum payment is a waste of money.

The average interest rate charged on credit cards in the United States is 17.99%. A significant number of people are being charged higher rates ranging up to 29.99%.

While many states have usury laws that limit the interest that can be charged on [url=http://www.moncleroutletosterblade.com]moncler[/url] a loan, national banks are allowed to ignore the state laws. Getting out of debt becomes very difficult when rates are that high.

"That's why there's so much revolving credit card debt still out there," said Naomi Sharatt, an independent financial adviser in San Francisco, California. "The interest rates are so high that even if a person makes the monthly minimum payment and spends nothing on the card, they will never get out of debt."

The Federal [url=http://www.mnfruit.com/airjordan.php]jordan pas cher[/url] Reserve's credit card calculator backs her up -- high balances and high interest rates can never be paid off.

This would be galling enough for most tax payers, but it is [url=http://www.mnfruit.com/airjordan.php]jordan[/url] made much worse by the special treatment the banks got from the government during the financial crisis.

Acting on instructions from Congress, the Federal Reserve [url=http://www.sandvikfw.net/shopuk.php]hollister sale[/url] made over $1.2 trillion [url=http://www.mxitcms.com/abercrombie/]abercrombie milano[/url] in secret loans to bankrupt banks.

And [url=http://www.rtnagel.com/airjordan.php]jordan pas cher[/url] what interest did the banks pay on those loans? Less than one half of one percent.

So while the banks charged their customers an average rate of 17.99%, they got taxpayer money for 0.5% or less. This point is not lost [url=http://www.gotprintsigns.com/abercrombiepascher/‎]abercrombie pas cher[/url] on the average taxpayer, especially those facing credit card bankruptcy.

Sites like the widely [url=http://www.moncleroutletosterblade.com]moncler outlet[/url] used DebtProtest.com address this sentiment directly. DebtProtest.com generates a detailed analysis of one's debt situation, answering a basic question: have you already paid back more than you spent on your [url=http://www.rtnagel.com/airjordan.php]nike air jordan pas cher[/url] credit cards? If you have, the site suggests, then you have already paid your debt, at least from a moral point of view.

DebtProtest.com also provides a complete "plan of attack" for people considering defaulting on their credit card debt, including personalized strategies and letter [url=http://www.rtnagel.com/louboutin.php]louboutin pas cher[/url] templates.

A spokesperson for Triumph Media LLC, which runs DebtProtest.com, said, "We've seen a huge [url=http://www.lcdmo.com/hollister.php]hollister france[/url] uptick in demand for our products. Americans are disgusted by the way the banks have been bailed out for nothing while they are still being charged outrageous interest rates and fees on their credit cards."

"What I want to know," said Kelly Seinfeld, a mother of two shopping at a Walmart in Akron, Ohio, "is why the banks got a huge bail out from the taxpayer, but they can still charge such incredibly high rates on their credit cards."

In an election year with the middle class suffering and the lower class expanding, questions like Seinfeld's may become more and more relevant to policy makers. And widespread defaults on that $780 billion of revolving debt may be part of the next economic cycle.
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