Credit Card Reform - Getting the Message Out

Remember the good old days, one needed to earn their credit cards. I’ve been around the blogasphere and back and once such comment I read today was a credit card was offered to a horse. Hm, I wonder what interest rate they charged the horse. I guess that depends on what kind of horse, a champion thoroughbred or a plow horse. Obviously of course the plow horse would get the higher interest rate. Ding-a-ling credit card companies why are you wasting time sending a credit card to a horse. They joke of it is, the horse bought a new feeder and supplies to clean out is stall. Yeah, those credit card companies are so very wise and responsible.

In talking with a woman today she and I recalled they days of our parents, when credit wasn’t extended to anyone. It depended on whether you had a job and demonstrated the ability to pay back. Today, you are extended credit and charged a fee not based on whether you are responsible, but how much interest the credit card can charge. You are extended a credit card if you are a baby, a dog, a horse, or even if you passed on to heaven. There are really no restrictions as to who receives a credit card. That is not responsible lending….

Let me make a point here. Our economy is in shambles and it is partly to do with irresponsible creditor lending and irresponsible consumer spending. We as a nation were not really hurting economically when banks lent responsibly. There was no banking crisis or threat of a great depression when our parents did not use credit cards. Back in the good old days when our economy was on sound ground, we spent with cash based on what we earned. If credit card companies are no able to make an obscene amount of money of consumers and lending is restricted-everything will be just peachy. It is just bankers will not be able to get so rich. Oh, poor rich bankers.

But you cannot escape the naysayers of credit reform. Fears and propaganda abound. Creditors will not lend! Consumers will not be able to spend! The sky will fall to the ground! Life as we know it on earth will cease to exist if our government steps in to regulate predatory credit lending practices. The universe will crumble if our government stands up for consumers. No-say it is isn’t so! You will discover that life will offer you priceless opportunities if you pay with cash.

Now for a personal little love note I’d like to extend to my US Senator Jeff Merkley. A big hug and kisses out to you for defending consumer rights. There are more points to this bill and reform other than paying off one’s balance every month, or overspending on credit. It is about credit card companies control over our financial destiny. And for all those who think President Obama is trying to take away your freedom, he has to get your freedom back from banks and credit card companies before he can even try to take away your freedoms. Your freedom and mercy is at the hand of every major corporation in this country-not our government.

These credit card companies can change your interest rates at their discretion. If you are five days late with the electric bill credit card companies can change fees, interest rates and bill cycles. If they feel constipated, having a bad day and need to take it out on someone, then can raise your rates. Yuck! I’m feeling a little bloated. I’ll just up Joe Schmoe’s interest rate. Agh, relief-better then Pepto Bismo. Okay, maybe now I’m exaggerating-but do you get my picture?