The president did something today that I like quite a bit. For many years now banks and credit card companies have been screwing their customers with unreasonable fees of various types.
Their has been little regulation of the industry even though consumer groups have been asking for regulation for years.
In my opinion credit card issuers have had little or no morals and they have made the consumer pay. They have given credit to people for far more than any reasonable lender had any right too.
They did this in order to enslave the consumer with large amounts of credit. Now the consumer has to share much of the blame. With the average credit card debt at close to $10,000.oo per household and poor payment history they ought to have some penalty for this. Maybe the banks should just lower those customers limits and really work on a payment plan. If you raise the interest from 8% to 18% how do you expect them to repay you. Just wondering.
A credit card issuer with any morals would not give consumers so much credit. Most people seem to have a large number of cards with high credit limits. What is the point of this? I think they want the customer to charge everything and use all the cards and NOT pay them off in a timely manner. They want you get the penalty fees each month and they want to own you.
They make the agreement to small and complicated for the average consumer to read or understand. It is all part of their scheme.
Well now the President has put you on notice to clean up your act and he will help you do this. He knows without his big stick that you would not do it yourselves. So I thanks Barack.
2 comments:
Even though she hasn't been late with a payment, one of my wife's business cards limit was cut in half. Of course it was the one with the lowest interest rate!
Complete BS. Thats the reason we should have let the banks fail.
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