You read about it more now because of the crash. I watched CSPAN in 2007 and saw dem congress grilling credit card companies and I was actually sympathetic to the companies(this was before bailouts) . Credit card companies had been raising rates because the borrowers were late on other bills, their credit was getting worse. I actually agreed with that practice in theory . But now they will have an incentive to set the high rates up front or lower the maximum limits on those that are risky (they wont do this to us if we have high credit ratings, and I dont pay interest anyway.)
RE :”..but credit card spokespeople have already threatened to start charging new fees on borrowers with good credit, as a result of the credit card bill. “
I hear this from multiple sourses but it hardly makes me want to believe them or be sympathetic. Will they really drive GOOD credit risks to competitors ?? Who would you want to lend money to? Someone who cant keep a job at 20% APR or someone who pays all his bills every month on time and has a house?
(This is a reasonable reform, they can raise the rates on new debt at any time). I like slot machines too because it's a regressive tax, but if slot machine casinos got bailouts because their losers were defaulting I would want limits on gamblers credit too.
RE :”...and I distrust Obama much more.”
Yes but it makes more sense to try to reform republicans than democrats. Like Schiff says, " Most Republicans make believe they know better just before elections so they know the concept of capitalism. Democrats actually say they think socialism works. " You cant reform that.
You got that right, the crash pinched the banks' revenue, and not just from credit card holders. Some of the banks (IMO some were worse than others) massively increased abusive credit card practices to make up for the losses.
Will they really drive GOOD credit risks to competitors ?? Who would you want to lend money to? Someone who cant keep a job at 20% APR or someone who pays all his bills every month on time and has a house?
One would think that the credit card companies would adopt rational policies, but that is not always the case. For example, some of them made punitive adjustments to cardholders because they shopped at Walmart. I would think that would be a sign of cardholders' sound money management.
Let's see whether they stick new fees (or penalties not covered by the bill) on good faith cardholders. If they don't, you will be right. I'm just saying they might do that.
Back to the point. Should Republicans push popular and just causes, even when the plutocrat lobbies tell them not to? I say hell yes! However, most of them want the campaign help from those lobbies.