I recently read a small article that was just comparing credit card interest rates in the U.S. to credit card interest rates around the world. Having worked in the credit reporting and collecting industry, something didn't sit right with me. The report was one of those little lightening strikes that happens to your brain, when you see a bigger picture emerging -- when you know things are spiraling in the direction of "it's too much."

Now, our family hasn't had or used credit cards for more than fifteen years, which of course, makes us an oddity as Americans. A staggering 78% of American families now spend more than they earn in a year. Statistics show that the average household has well-over $11,000 in credit card debt. That's pretty disheartening to me.

For us, it wasn't easy at first to take that no credit card route, but it was the single most freeing act we could have done for ourselves.

Imagine, if you are caught in the trap of using credit -- how your life would change, if you simply had no outstanding bills coming in every month?

Living debt free eliminates so much worry and stress. It doesn't mean we don't have any bills, but there is a certain satisfaction in knowing that the utility bill, cable bill, etc. are the only ones that arrive in the mail demanding action.

In the current economic crisis, I'm thinking many of us now "get" the fact that we could have and should have, been living a much more sane and frugal life. Far too many of us are in the sinking ship, simply because we wanted what we wanted and we wanted it "now."

However, let's not be too hard on ourselves though, there is a more sinister behind the scenes cause and effect thing going on. We had a lot of help getting into this situation.

What troubles me most about this realization is, that we didn't just do it to ourselves -- We allowed our credit card companies and banks to spread our debt shame to the rest of the world.

Like many Americans from the Southwest, I have lived around the Mexican people all of my life, both those who were citizens and those who weren't. The old-time Spanish saying, "Mi casa is su casa" (My house is your house) is more than the obvious.

Geographically, ethnically, and culturally we are intertwined in the most complicated of ways. What happens in our home land, happens across the border in Mexico. Only for them, the consequences can be much graver.

The report that I read that started me on this rant, was about how credit card interest rates have soared in Mexico, while simultaneously credit tightens. The average bank credit card in Mexico carries a whopping 41.78% to 59% in annual interest rates. This is in a country where the average income is far lower than across our border.

Compare that to even the worst credit card interest rates in America and there should be reason for big concern.

This situation is common in Mexico, and what is even more appalling is that store credit cards are charging 69.6% interest on average. If you are shaking your head, here's the real story that wasn't touched on in the report:

"The very banks, stores, and lending institutions that are gouging the Mexican people -- all are American financed, just Spanish owned. It's American financial institutions that are setting those interest rates."

What is even more disturbing is that some (but not all) of the same financial institutions and retailers that are so financially "troubled" today, are the same ones that we taxpayers have to bail out -- while they are also the ones reaping insane profits at the expense of the hard working Mexican citizens.

The powers to be in the credit industry justify their interest rates by claiming it's because of the higher risk in Mexico.

It's true, the poor anywhere are a higher risk -- that's why our wonderful beneviant American companies have offered pre-approved credit cards to the poorest of poor in Mexico -- the same thing they got by with here -- to enslave people in debt for their entire lives. Shame on them, shame on us.

Costco: 53.31% interest rate

Woolworth's: 61% interest rate

Visa card from Banamex (ie. Citibank): 47.49%

GE Money Mexico (General Electric):

Home Depot: 70% interest rate

Wal-Mart of Mexico: 59% interest rate

It is no secret to most Mexicans that high interest rates, poor customer service, ridulously high banking fees and store fees and even commissions have always been the norm in Mexico.

What is news to many in the U.S. -- is that the Mexican government allowed foreign ownership of banks, so not only have American financial institutions bought up the banking industry, but also those of other countries -- Canada, Argentina, China, and the UK. There, they make the "rules" and the banking and credit industry is very profitable for them..

Consider this:

• Banamex(abbreviated for Banco Nacional de Mexico) is owned by CitiBank, the troubled U.S. banking giant.
• Banco Santander is in part owned by Bank of America.
• Wal-Mart de Mexico is American Walmart's own bank and found at everyone of it's stores. (Wal-mart is also guilty of other not so nice business practices when it comes to their Mexican employees -- see video below).