-- 06 June 2007 --

We know there's a problem and we're looking for solutions

The “Stop The Squeeze” campaign has been running for several months now, successfully raising awareness through its websites, newsletter and dozens of screenings & events around the country.

The most common response we get is: “I get that there’s a problem, so now what? Who can I talk to about my personal situation?”

We are now looking to expand the reach and impact of our campaign. Our goal is to partner with solution providers and refer our audience to them so that these individuals and families in need may get the support they need.

If you are a solution provider, please review our sponsorship opportunities to see if any of them suits you.

View Sponsorship Opportunities

We are trying to get organizations to hold screenings, sponsor house parties and otherwise promote the film.

You can buy your copy here.

Let us know if you find these newsletters helpful and please pas them on to your email lists. For information on how to get involved, contact us here.

"The federal government recorded a $1.3 trillion loss last year — far more than the official $248 billion deficit — when corporate-style accounting standards are used, a USA TODAY analysis shows.

The loss reflects a continued deterioration in the finances of Social Security and government retirement programs for civil servants and military personnel. The loss — equal to $11,434 per household — is more than Americans paid in income taxes in 2006.

"We're on an unsustainable path and doing a great disservice to future generations," says Chris Chocola, a former Republican member of Congress from Indiana and corporate chief executive who is pushing for more
accurate federal accounting.

Modern accounting requires that corporations, state governments and local governments count expenses immediately when a transaction occurs, even if
the payment will be made later............." read more

WHAT ARE SOME SOLUTIONS?

Whenever I screen IN DEBT WE TRUST, I am asked about solutions: What can be done to curb the power of the credit card companies and big lenders? There are many remedies that advocacy groups propose. But now, two US Senators have jumped in with some concrete proposals with new hearings slated.

While our film is here to raise awareness, we also need action on the issue from every sector—business and government at the state and local level. Here’s what Michigan Senator Carl Levin is proposing: Have a look and study the details of legislation supported by many consumer groups:

"Sen. Carl Levin, D-Mich., and Sen. Claire McCaskill, D-Mo., today introduced legislation to stop some of the most egregious credit card practices that unfairly deepen or prolong credit card debt held by consumers. The Stop Unfair Practices in Credit Cards Act follows an investigation and hearing by the Permanent Subcommittee on Investigations, which Levin chairs and on which McCaskill serves.

“Credit card issuers too often sock consumers with sky-high interest rates and excessive fees, making it harder and harder for families to climb out of debt,” Levin said. “The goal of this legislation is to put an end to unfair and abusive credit card practices that outrage so many American families. I’m afraid these practices have become too entrenched and too profitable to the credit card companies for the companies to change them on their own. Congress needs to enact pro-consumer legislation to put an end to these unfair practices.”

“Credit card companies must be stopped from preying on the most vulnerable Americans with unfair and confusing practices. We have to fight for those who have not hired dozens of lobbyists to make sure that American consumers are not getting ripped off and are fully informed of how these companies are manipulating their financial security,” McCaskill said.

In October 2006, Levin released a Government Accountability Office (GAO) report analyzing credit card fees, interest rates, and disclosure practices by major credit card issuers. Following the release of the GAO report, Levin directed the Subcommittee to investigate unfair credit card practices that mire so many Americans in debt. In March, Levin chaired a Subcommittee hearing and called as witnesses the chief executive officers of the three largest credit card issuers in the country – Bank of America, JP Morgan Chase Bank and Citigroup – and an Ohio consumer whose personal credit card experiences exemplified many of the outrageous practices.

Levin added: “Credit card companies are so profitable that they can afford to give up unfair practices like charging interest on debt that is paid on time, charging consumers a fee to pay their bills, doubling or tripling interest rates to penalize late payments or over-the-limit charges, imposing repeated over-the-limit fees for a single over-the-limit purchase; and applying consumers’ payments to the parts of their accounts with the lowest interest rates first. It’s past time for Congress to protect consumers from such unfair and abusive credit card practices.”

The Stop Unfair Practices in Credit Cards Act has been endorsed by Consumer Action, Consumer Federation of America, Consumers Union, National Consumer Law Center, U.S. PIRG, and the Center for Responsible Lending.
A summary of key provisions in the Stop Unfair Practices in Credit Cards Act follows.

Read Senator Levin's floor statement

Read a copy of the bill

* * *

Do you find these STOP THE SQUEEZE newsletters of interest? Give us some feedback, and send in news items you think others should know about.

We are also looking for some donors to support our not-for-profit outreach and educational campaign with tax deductible donations to:

The Global Center
575 8th Avenue,
New York, New York 10018

If you have comments or suggestions, share them with me at dissector@mediachannel.org.

Danny Schechter
Editor Mediachannel.org
Director IN DEBT WE TRUST
InDebtWeTrust.com
212 246-0202x3006

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SOME MAJOR RECENT STORIES ON THE THEMES THE FILM RAISES

THE WASHINGTON POST ON NEW CREDIT CARD DISCLOSURES - “Regulators are listening to the complaints and preparing to issue stronger consumer protection rules. The Federal Reserve proposed new, long-awaited regulations on Wednesday that would require credit card companies to make disclosures clearer and easier to understand. But some lawmakers say they think that the Fed rules, which could become final by year's end, may not be enough and that new law might be needed.

A bill introduced two weeks ago by Sens. Carl M. Levin (D-Mich.) and Claire McCaskill (D-Mo.) would ban interest charges on debt paid by the due date, cap penalty interest-rate increases and prohibit interest from being charged on late fees or over-the-limit fees. The measure would also ban late fees if a card issuer delays crediting a payment, require firms to offer the option of a fixed limit a customer would not be allowed to exceed and require companies to apply payments first to charges carrying the most expensive interest rate." Full article...

HOME PRICES PLUNGE; SALES SOAR - Talk about committing economic suicide! Buying a new home in this economy is nothing less than that. As we all know, while the sale price may be low, trying to maintain a home under a mountain of debt in an economy headed for a brick wall is well, to say the least, a bit self-destructive. Full article...

STRUGGLING TO KEEP A HOME IN MICHIGAN - Dawn and Scott Hentschel came within a sliver of losing their home after Scott, a construction worker, was laid off two months earlier than usual last fall.
Full article...