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by John G. Merna

What is the “credit zombie apocalypse”?

The credit zombie apocalypse is the millions of struggling homeowners, credit card holders and working men and women paying and paying and paying on bad loans, unethical debt and absurd lending terms.   Taken advantage of by unethical lending practices left unaddressed by their political representatives, they live in a coma/illusion/belief that they have good credit while their life, wealth and labor is sucked out of them.  The credit zombie plague that sweeps our country is the banks, mortgage companies and credit card companies like Capital One who grow mega rich at the expense of the working men and women.

So we are the credit zombies and the banks, mortgage and finance companies are the zombie plague turning us into  credit zombies. Wait a minute. This sounds familiar.  Isn’t that the plotline in the Resident Evil movie?  Whoa. Art copying life or vice versa.

So my crusade is to even the responsibility teeter-totter.  Yes, we need to take some responsibility for our debt and they need to take some responsibility for the unethical and usurious loans they extend with inadequate explanations to financially desperate people putting them in even more desperate situations.

In my book you should have the right to receive a review by a court of all credit lending terms extended prior to the creditor being permitted to collect on any defaulted debt.  The burden should be on the lender to prove that transaction was legal and incompliance with all state and federal law.  In the event it is not, all right to interest should be forfeited and they would only be able to recover principal payments at a rate affordable to the debtor.

The credit zombie plague includes among others the following unethical loans:

  • Interest only mortgages –
  • Payday loans with outrageous interest-
  • Internet loans… all of them… period.
  • Money Mutual and Native Sun loans… just because I hate the commercials.
  • And Capital One debt just because I think they are the devil who are the banner carrier of the conspiracy to create the credit zombie apocalypse.

You can recover from being a credit zombie.  There are a number of cures of which bankruptcy is one of them.  If you would like to talk to a bankruptcy counselor from The Merna Law Group give us a call at 800-662-8813.  And remember Halloween is every day when it comes to your credit.

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