Big Obama Brother takes on Credit Bullies

Big brother takes on a whole new meaning today when the President sat down with the credit card CEO’s. That is of course who you see as “Big brother.”

For years I have been complaining about credit card company practices, despite my own debt I had the nerve to point the finger back to the creditor who never really seemed to want to release me of my debt. I paid off my debt several times and one time over the phone to Capital One. I believe I heard a few sniffles and cries.

I have in my book compared the credit card industry to big brother because they seemed to have their greedy, pointed finger on the pulse of my finances. Heck, I believe the credit card companies had a better handle on my finances then I did. They checked on my payments with other creditors. They checked my status with all my utilities and they somehow knew all the places I shopped. Yikes! I didn’t need to worry about my identity being stolen, the credit card companies were creating my identity-I am a fashionista debtor.

Although many of other ideologies find the government in the role of big brother, I invite the government as my big brother. To me the government is big brother who is there to protect me from bullies. “You wanna mess with the consumer you gotta deal with Big Obama Brother.” Yo bro, yeah, yeah-Capital One they are the ones who have been charging me an outrageous interest rates. They are the ones who are changing the billing cycles. Oh yeah and charging me compound interest! Take care of them Big Brother. Don’t you just love it?

So, what was the outcome? Who knows, because none of the credit card companies had anything to say and no legislation was signed. Perhaps they had trouble speaking due to a proverbial fat lip or black eye. But it is hard for me to feel sorry for the credit card companies. Visa last year spent 1.7 million dollars in lobbying the government. I’m not quite sure how much money Capital One spends on advertising, but I’m sure it is a very pretty penny. Look, consumers don’t want cute commercials; we want fair practices and the ability to pay down the debt without astronomical interest rates.

Stay tuned- one thing for sure, the rules of credit cards and credit card debt will be changing dramatically. Old rules do not apply and apparently the fine print will be getting larger!