I am wondering if anyone agrees that the credit card industry needs to be drastically reformed in this country to combat our recent economic dilemna.
I have watched all presedential debates on both sides, and no-one has talked about this dreadful issue.
More and more Americans are being tied up with outrageous interest rates, fees, etc. by financial institutions which slow down our ecomony, and also gives it a false sense of productivity.
What has happened, is the financial institutions have preyed on virtually every American. If you have a mail box, you will agree. With the pre-approvals, store cards, etc., people go out and use the CC as a loan, spending things beyond their means in order to keep up with society, giving the economy a false sense that it was doing well when reality it was being hurt. No regulation of a credit agreement's interest rate is the ultimate problem. As of right now, a financial institution can raise your rate for almost any reason to almost any rate.
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Restraint? I know I know, people should have restraint....but that is not going to fox the problem. I believe the problem stems from shotty deals the CC gives the consumer, sucking them in with 0% APR and then socking it to them 6 months later with 29.90% rates. Put it this way, most consumers have every intention of paying their debts, the playing field is uneven though, the greediness of the financial companies are bankrupting this country, not vice versa. Sure, some consumers will abuse their finances, but it is up to the borrower to qaulify them not vice versa. It really hits our economy to the core! People buy things that are not really being backed by anything other than their desire and hope to pay for this thing in the future with the finance companies contributing 100% to the deliquency.
It is like giving an alcholic a beer.