I’m not sure why this issue seems to be swept under the carpet and discarded. Many have expressed outraged; being stranded without credit, credit limit cuts and interest rates raised and people have committed suicide with overwhelming debt. Why more people are not behind this issue is beyond me.
The reason I am drawn to this issue is not because I have debt and I want to avoid any responsibility. It is because I want to live my life free of Credit Corporation’s mighty thumb. I don’t like being exploited and I don’t like being taken advantage of. If I have debt, please allow me the opportunity to pay down with reasonable rates. There are many who don’t want more government control, well I certainly not want corporate control. I do not want to be at the mercy of a greedy corporate CEO. There is no one to blame for the credit card “crisis” but the credit card companies. They pushed financial responsibility to the limits (pun intended).
But this is an easy issue to gloss over by offering ways to overcome debt, or consolidate debt. Many look to the future to teach about credit cards and debt and many just live in scorn and judgment of those who found themselves in debt. Just because many have found ways to live within the exploitation does not mean it is right. Just because many are able to manage debt, does not mean the system works and is fair. Just because it isn’t dramatic, doesn’t mean it isn’t worth the fight.
Others fear if legislation passes credit issuers will become more stringent with lending. Wow, imagine having to earn credit. I don’t see how many could argue, especially those who criticize consumer overspending. Creditor responsibility will lead to consumer responsibility and isn’t responsibility and accountably what we are striving for? This will take us back to corporate and consumer fiscal responsibility.
Thankfully the credit card reform has some strong supporter. Below is part of an email received from Vermont Senator Bernie Sanders.
In my view, when a credit card company charges 25 or 30 percent interest rates, they are not engaged in the business of "making credit available" to their customers. They are involved in extortion and loan-sharking. This is especially true at a time when the taxpayers of this country have provided many hundreds of billions of dollars to bail out Wall Street, and when the Federal Reserve is providing them with near zero percent interest loans.
The good news is that President Obama and Congress are beginning to address the issue of credit card rip-offs. The bad news is that, at this point, they are not prepared to go as far as they should in this area. While moving forward on credit card "disclosure" and "transparency" is very important, what is more important is that we pass a national usury law and place a cap on interest rates.
To me this should be one of the easiest bills to vote yes. What kind of person would honestly deny consumer rights? One would be surprised. Many of these banks that have received bail out money are using that very money to lobby congressmen. This issue is about keeping corporations and some people very rich at the expense of the average American consumer. Here is what is holding up this issue in congress-greed. It is corporate greedy CEO’s padding the pockets of congressmen. As Americans, do we feel this is acceptable or should we send a message to our government not support politicians who are bought out by corporations.
In my view, when a credit card company charges 25 or 30 percent interest rates, they are not engaged in the business of "making credit available" to their customers. They are involved in extortion and loan-sharking. This is especially true at a time when the taxpayers of this country have provided many hundreds of billions of dollars to bail out Wall Street, and when the Federal Reserve is providing them with near zero percent interest loans.
The good news is that President Obama and Congress are beginning to address the issue of credit card rip-offs. The bad news is that, at this point, they are not prepared to go as far as they should in this area. While moving forward on credit card "disclosure" and "transparency" is very important, what is more important is that we pass a national usury law and place a cap on interest rates.
To me this should be one of the easiest bills to vote yes. What kind of person would honestly deny consumer rights? One would be surprised. Many of these banks that have received bail out money are using that very money to lobby congressmen. This issue is about keeping corporations and some people very rich at the expense of the average American consumer. Here is what is holding up this issue in congress-greed. It is corporate greedy CEO’s padding the pockets of congressmen. As Americans, do we feel this is acceptable or should we send a message to our government not support politicians who are bought out by corporations.
What this issue means is making sure the government works for the people and not corporations. We may not be able to lobby with large sums of money, but we do have the power to elect them and not elect them to office. We need to make sure the politicians know that we have a voice and we are watching for government accountability.
But mostly for me, credit card reform brings the financial power to the average American. We will not be at the mercy of a corporation and with that perhaps the American dream will be back in reach for many.
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