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% ?
“The Rich banks, the rich credit card companies, the rich mortgage bankers -— off with their heads! Re-write the contract to a lower, more “fair” rate.”
There’s NOTHING fair about the existing laws. If you accept credit you are submitting yourself to some very onerous laws and at the mercy of banks protected by the law.
I think it would be just peachy keen and dandy fine for goveco to stick a gun to your head and force you to help me pay for it.
someone said above the “fair” does not enter into the equation with economics.
folks need to read the contract or simply pass on the idea of buying stuff with a credit card.
What do I think? Well, let's take a peek at the path down which you propose to walk ....
The leftists would love your proposal, as it gives them another stepping off point in controlling the public.
First would come the law setting credit card rates at 10% (or even less if polling showed more votes could be had at a lower rate). Buried in the bill would be lots of additional things that laid the groundwork for future actions to gain more power over the public and it's purse.
Now, a new gov't agency would be needed to run this monitoring and control effort -- maybe it would be called "Fanniecard". This might be an appropriate name, since the ultimate goal is get to your wallet.
The new agency would need it's own (new, not existing) building (probably a whole complex of buildings), with full technology, and a grand plan to tie all the new agency into all the other existing agencies. Oh yea, and the new building, and associated landscaping, interior design, etc. will have to be done under the small, disadvantaged, minority, etc. contracting scenario. Think massive budget growth over time, kind of a "Big Dig" cost overrun scenario.
Then, the new agency has to have people, lots of people. Top gov't people only go up the ladder when they continue to grow and accumulate more and more people. Oh yes, and all this hiring will have to be under the affirmative action and Americans with disabilities act umbrellas.
Now, of course, everybody knows that gov't agencies never die, and instead, seek new ways to grow and expand. So, backed by the leftist government power-seekers, this new agency will want to become a Cabinet Level department, and then gain monitoring and control over other things. Also, it would be given a new name, something soothing sounding, maybe the "Department of Family Protection".
The government would pass one big "consolidating" bill, giving the new Department of Family Protection the authority to direct the private sector to reduce interest rates on all purchases, to, you know, protect the family.>p? And there you have it, the public is protected from "predatory practices" by the public sector!
Now, of course, once it's all cozy, and being handled by the all-seeing, all-knowing gov't, there will be a couple of small things that the public will have to deal with.
The leftists will decide that everyone is spending too much, and consequently, paying too much interest, regardless of what the interest level is. So.....
Credit card rates will become "progressive", (but of course, like now, only the "rich" will be targeted).
Many, many people, including illegals, will not be able to have credit cards, so the Gov't will issue them one, and all wage earners will have to pay more taxes to cover the needs of these "needy" people, since it's not their fault.
And, if the wage earners can't pay their new tax burden, the Dept of Family Protection will have the power to seize all assets (it will make the IRS look friendly), and if necessary, indenture the slackers who won't/can't pay their last dime to the gov't (remember all those additional things that laid the groundwork for future actions to gain more power over the public and it's purse, buried in the original bill?).
Of course, the leftists, who spend every second of their entire lives thinking up ways to use the gov't to gain power and control the lives of others, would be much more ingenious than I have been in identifying ways to remove every freedom from us, but maybe this will give you some ideas about just a little of what they would do with your proposal.
What do I think?
I think that you (and anyone else who thinks the gov't should be "solving our problems") need to go to the nearest mirror, look intently at the person you see there, and say "What in the he!! was I thinking!.
Sounds like you are getting a better deal than we are, if that is any consolation.
If you have to carry a balance on a credit card, cut it up and throw it away. It’s a road to nowhere!
“someone said above the “fair” does not enter into the equation with economics.”
Again, you all apparently think its ok to protect banks but not individuals. Thats not free market and its not capitalism.
“folks need to read the contract or simply pass on the idea of buying stuff with a credit card.”
and then the company changes those terms at will? They can put anything they want on your credit report, regardless of whether its true and you can do very little to correct it.
Why do so many people think that company’s should be protected but not citizens of this country? Citizens that give the govt its power.
The banks that you are seeking to protect do not have America’s best interests at heart. In many cases they are controlled by non-Americans.
I have capped the interest rate myself.
At ZERO.
I pay the balance every month.
For the 10,000,000,000th time - GOVERNMENT HAS NO BUSINESS IN OTHER PEOPLES’ BUSINESS.
As someone else has asked in this thread, what has happened to so-called CONSERVATIVES???
“What has happened to us Republicans! What power does the government have to cap credit limits! If you are a fool who uses a card - knowing for years that credit cards are costly loans - then it’s your fault. I can’t believe I’m hearing so-called conservatives proposing we let government interfere with private contracts (which is what you have with your credit card company). “
Precisely! The ‘it’s good to be in debt’ is so pervasive even ‘conservatives’ have fallen for it.
Credit cards perform the useful social function of providing loans for people who are too financially irresponsible to qualify for less expensive loans elsewhere.
Yeah! Freepers against capitalism! Let’s ban charging interest altogether a la Saudi Arabia! ;-)
“I can’t believe I’m hearing so-called conservatives proposing we let government interfere with private contracts (which is what you have with your credit card company)”
The government is already eyeball deep in those private contracts.
“What do you think?? Top rate of 10% ?”
How about 100%/month?
“Yeah! Freepers against capitalism! Let’s ban charging interest altogether a la Saudi Arabia! ;-)”
What makes you think we have capitalism? Every aspect of our lives is heavily controlled by the government. To the point now where certain people are guaranteed to make a profit no matter how stupid their business decisions are.
But speaking of Saudi Arabia, you seem to support the idea that leaders from that country and others have the right to create our laws through the company’s they control. And yet we, as citizens, should just shut up and go along quietly.
Go back to DU you socialist pile of dung!
LOL
Rrrrrright! I must have been momentarily swayed by all the banks that I own and need to protect.
Really now, go do the look-in-the-mirror thing.
It's important.
Your response is deep and paranoid col freeper. I thinks maybe you need to quit looking in the mirror because all you see is the big govt. bogeyman standing behind you. Come on, get real, if you deregulate everything the thieves in business and government will screw everyone. Fannie and freddie come to mind? Ban all laws, why not, then it can become a free for all. Those with the power and money will
be happy.
Complaining about the "banksters" and "foreigners" because you are upset about a 23% APR is sour grapes to me.
“Rrrrrright! I must have been momentarily swayed by all the banks that I own and need to protect.”
Well then explain why you think laws favoring banks is a good thing for this country. That they can do anything they want and not face the consequences. But individuals must be held to the terms of a contract that can change at any time.
I’d suggest you look in a mirror yourself.
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