Credit Card Coporations - A Monopoly on our Lives

Perhaps it is me, but I have never been one to just do something to fit in. If the “in” thing to do was jump off the Golden Gate Bridge and everyone in the world was jumping off the bridge because hum, let’s say it would help their credit score-I still wouldn’t do it. And maybe it is just me, but when I think about the credit industry and the credit score I just absolutely find it ridiculous and honestly want no part of it. You see, there are two ways to go about it, you can be, do and act like everyone else, or you can think for yourself. Unfortunately, I always think for myself, and that’s where my problems arise.

Ah that little, lovely credit score that defines our lives. Okay, so here’s the deal, follow me closely. In order to have a good credit score, we must have a credit card, in which creditors for the most part have “at their discretion,” the ability to change fees, interest rates, billing cycles, credit limits and the ability to close our account. We as consumers need to take their services and play by their rules in hopes they do not change any of the rules and regulations. So, the credit card companies have the ability to mess with our credit, in which we must have to have a good credit score. And if our score lowers, guess what…credit card companies can raise our interest rates and thus making more money off of us consumers. This is a monopoly on our individual financial destines. Get it-if we are good and pay with cash or checks and don’t play with their credit cards and by their rules, we cannot buy a house or a car and perhaps not get a job. You see, we must take their services to survive in this country and that is a monopoly on our lives. Do we as Americans honestly want to live our lives like this?

This is also goes back to my blog on regulation. The food industry has been regulating itself and many were getting sick and dying from E.coli. The credit score system is regulated by credit corporations, so you know all the benefits will go toward corporations, not the people. Many are going into debt with little means to recover. One has a better chance of surviving E.coli than credit card debt. What does that say about our culture?

Now yes, it is still the responsibility of consumers to understand the fine print, to teach the newly anointed credit users, but don’t you think credit card corporations regulating the credit scores is a little incestuous? Can you see how this could possibly be unfair and exploitative toward consumers. I understand the need for a credit score system in order to ensure consumers can afford the loans…but perhaps we need a neutral party monitoring credit score to keep fair. Well this is just the ramblings of a free, out-of-the box thinking delinquent.