Anyone who criticizes the new credit card legislation is either greedy, self-centered or needs to back to school. Anyone who has experienced the gauging and ruthless behavior of creditors knows what this bill is about. It is not about relinquishing debts, it is about fair practices. Charging 24% interest on debt is not fair. Changing billing cycles to make profit is not fair. Targeting college kids who don’t have jobs or an income to support credit cards is unjust. I don’t care how you want to twist it to suit personal agendas the bottom line is it not fair.
The point is Credit Unions have successful business charging on 9% on credit cards. Why should Capital One charge 24%? The point is, at creditor discretion they can raise your limit to $10,000 without your permission, you need it, or use it and then turn around and at their discretion without they can reduce it to $8,000 leaving people stranded. The point is, no matter if you read the fine print, the creditors at their discretion can change your terms without notification. So those who criticize people for not reading the fine print, it doesn’t matter if we do, because it can change. And if states had power over creditors, well the state’s legislation is not working.
For the first time in years, our government is doing something to actually protect the average American consumer and perhaps they are protecting us from ourselves. That is the government’s job to protect us from Terrorists, Swine Flu, corporations or even ourselves. For the first time in years the government is doing something that is not in the benefit of big business. I cannot believe people are complaining about our government helping the Average person. Perhaps our government has been asleep at the wheel for so long we don’t what it is like when it actually starts working for all Americans not just a few. Funny, Fox and its fans loved America when our government sponsored the rich and ignored average Americans. Now they hate America and fellow Americans when our government helps the average American. Hm, that is indeed very interesting.
The irony is we complained and moaned about AIG and other big corporations that turned this economy upside down and accept large bail outs and when the government steps in to do something for the consumer…we b****, moan and cry socialism when most people have no idea what socialism is. There is absolute no injustice in this bill and no accounts it will hurt the credit industry and the economy. All it will do is make both corporations and consumers more responsible. And if your credit card stops lending, check out your local credit union.