Do you think it wise to cite a website maintained by the only openly socialist member of Congress as support for your position? It's hardly a conservative one.
No that's probably not wise. I'm not really familiar with him. I didn't realize he was socialist.
But Bankrate.com should be a fairly independent source. And I know the problems are true, because I've seen the tactics myself.
Interest rates are high enough to cover defaults for the ones who choose to pay high rates. Fact is profits are the highest ever for the CC companies somewhere around 300 BILLION!
KMART is a prime example how big business abuses the system. After 6 months of BK and shafting stockholders, bonds and most creditors they buy SEARS! The new law is silent on corporations only to force the "little" guy to pay up or else.
Come on anyone can see this is special interest law. The current system works just fine.