"Two Faces of Debt" page 19 puts it this way: "Again checkable deposits in commercial banks and savings institutions are debt-liabilities of these depository institutions to their depositors" As we have seen the promissory note is a checkable deposit because, "A deposit created through lending is a debt that has to be paid on demand of the depositor, just the same as the debt rising from a customer's deposit of checks or currency in a bank."

Out of Credit Card Debt - Contract Law

Next, in order to get out of credit card debt, we have Contract Law which is a very universal law that applies to everyone in the United States and around the globe. Contract law states that when an agreement is made between two parties, you must be given full disclosure of what is about to happen. An agreement is not valid if the other party holds back or doesn't tell you something pertinent. They cannot mislead you in any way.

So the credit card company never explained to you what we have just explained to you that they were not loaning you anything for that credit card? And, that you were exchanging a promissory note which has a real cash value of $5,000 which was used to fund the supposed loan for $5,000. And, you were made to assume that they were loaning you other people's money, and that's not even close to the truth, they never told you the truth, and they blatantly hid the truth from you. Well, according to contract law, that agreement is null and void due to non-disclosure, because you were misinformed.

Now another major fact is that the clerk at the bank altered the original agreement with you by stamping the back of it with Pay to the Order of, which gave the promissory note a specific dollar value in cash. This single action alone constitutes Forgery which is the process of making or adapting objects or documents with the intention to deceive, and Fraud which is the crime or offense of deliberately deceiving another in order to damage them - usually, to obtain property or services from him unjustly.

So, you are already out of credit card debt because you funded your own loan and they committed several crimes in the transaction itself. Not to mention the extortion they committed against you with the continued threats of ruining your credit report. Now, being that they have control of all of our money, we must proceed cautiously when it comes to getting out of credit card debt as far as the cancellation of it is concerned.

Banks know what they have done, and are ready to wipe out the novice debt canceller. It's time for all of America to stand up and get out of credit card debt together. Once and for all.

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