Posted on 10/11/2008 9:48:19 AM PDT by roughman
I think this would be a great and popular proposal. Most credit card companies get away with loan sharking customers, which is prosecuted if organized crime does it. Credit card hell affects many people. Credit card companies can, almost arbitrarily, raise rates for just about any reason, even if you pay on time. This affects almost every family budget. I think McCain could make great points by proposing a mandated cap on credit card rates. What do you think?? Top rate of 10% ?
Joe Biden has been a stooge for the credit card companies for the past 25 years in DE. Credit Cards = Slavery. Nothing wrong with them if you pay them off at the end of the month.
While he is at it he could propose: Setting gas prices, caps on bank loans, caps on trade, caps on food prices, etc..
Just burn your credit card in protest. That should solve your problem.
Followed by price controls on everything? Wage controls? How about making it illegal to make more than $122,445.56 per year?
—those stupid enough to pay credit card rates of interest deserve to be poor-—pay it off before the due date and the rate is 0.00%—
LOL More socialism?!?!?! When the credit markets need to be thawed you propose price controls?!
This is the dumbest idea I have ever heard.
Maybe a better way would be for Joe six pack to quit charging so much crap and start paying for what he already has. In the end he would have more cash to spend on goods in stead of wasting his money on interest that goes to some rich fat cat banker.
Don’t like the credit card rate don’t use the damn card and close your account, move to a different company, pay the bill in full every month - good grief!
We aren’t fully socialist yet.
“What do you think?? Top rate of 10% ?”
What do I think?
I think you are ignorant on the subject of economics and Human Action (to use a Von Mises term).
Just cut up your cards & send them back!
This would be like refinancing the mortgages of people who shouldn't have bought homes in the first place, or bailing out Wall Street, which we all oppose.
Let people live within their means and they wouldn't be a prey to credit card companies.
As a political ploy it has some merit.
Why?
This type of thing is exactly what has gotten us where we are: bloated, micromanaging, overstepping, cocialist, nanny government. People need to be responsible for their own decisions, even if they are stupid decisions. Because pain is the best teacher.
We’re all paying too much for groceries too, maybe put a cap on those prices like Hugo did, huh?
I don’t purchase ANYTHING with a credit card that I can’t totally pay for when I get my statement.
What is REALLY needed is a heck of a lot more self-discipline by everyone.
So, do you want to go back to usury laws? Organized crime is going to love that. Bring on the Shylocks!
Great idea, if you can find the constitutional authorization for the Feds to be involved in such things.
Good idea Roughman. Credit card companies used to be responsible in pegging interest, but things went haywire in the past couple of years where people were seeing their interest rate double or triple for arbitrary reasons. They seem to be penalizing their responsible customers to cover the losses of their more reckless ones and needles to say - overpaid execs. I’m all for the free market, but clearly the execs have been overpaid by 700 billion. The exec pay would regulate itself if the politicians would stop monkeying with the system.
Unfair??? It’s each person’s decision whether to sign up for a credit card, whether to use it, and whether to pay it in full or roll over a balance with interest to be owed on it.
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