Credit cards
Filed under: Hmmm
Saw an article today about President Obama promising to work towards better credit card protections for consumers. I think a lot of the banks are figuring things out and realize why many of their customers are jumping ship, and have started fixing themselves a bit already. But, I know not all companies are doing that and when they do a lot of times it’s really not enough. So pushing for legislation to ensure they do is probably a pretty good idea.
I know that many of them have whined about it and pretty much made threatening comments about how if laws are enacted that might curb their greed, they will have to cut the credit they offer. And, increase the percentage they charge. I am sure they didn’t perceive it as a threatening themselves, but I sure took it that way. I can’t remember what article I read that in but I remember how disgusted I was with the banking idiot who said it. I thought it was offensive. Plain and simple.
The laws are a good idea because some of the stuff they can do is ridiculous. Changing rates whenever they want, dropping your limit without warning. They are currently, basically unregulated. Much like Wall Street, and we have already seen how well that works. A few laws to protect consumers will be a good thing. The banking or credit industry just needs to unclench and take their head out and then they will be alright too. I am perfectly sure they will still be able to find ways to make money.
I am not placing all of the irresponsibility on the bankers and credit providers. They control many of the options, but so does the general consumer have options a lot of times. The consumer needs to be responsible for their own stupidity but placing laws so that credit providers can’t take as much and as easy advantage of the bad habits of some will in effect protect all of us I believe.
Tags: Credit, credit practices, credit providers, lenders