Obama's sounding more and more like FDR everyday. Why not go ahead and add this "right," as well as others Obama has mentioned to FDR's list of "rights" that aren't actually "rights." A "right" bestowed upon you by the government is not inherent or inalienable. Such a "right" is conditional and can be changed at the whim of bureacrats. Here in the real world we call those things "privileges."
Right, and it's the job of the federal government to determine what's "fair." Bullshit. When you get a new Credit Card you have a responsibility to know what the rates are, how and when they can go up, what fees you may incur for late payments etc. etc.
Now, don't get me wrong. We all have a responsibility to pay what we owe. But we have to ensure that the amount we're paying is fair. That's why I've proposed a Credit Card Bill of Rights."
"The contracts you sign when you get a card have gone from being one page-long a few decades ago to more than thirty pages-long today. And they're often filled with traps and fine print that only a credit card executive could understand. These companies have been crossing the line to boost their bottom line."Really? 30 pages? I have two credit cards and neither had a contract that was more than a few pages. I read them, and I looked up a few things I was unsure about. (hell, I was a college student and had never had a CC before) Obama must be pulling this 30 pages crap out of his ass.
Obama continues to blame the credit card companies, saying
"But many more Americans aren't falling into debt because they made an irresponsible decision; they're falling into debt because credit card companies are pushing them over the edge."Ok, but they wouldn't be in a precarious position at all if they hadn't racked up huge balances on several different cards. Do fees, late charges, and rate changes hurt them? Sure they do, but they were the ones who put themselves in that position in the 1st place. My cards have crazy high rates, penalties etc. I don't care because I don't default and I rarely carry a balance. Hell, Citi sends me rebate checks. The credit card companies are lending you money. If you bite off more than you can chew who's fault is that? Not to mention, if you do run into some trouble CALL THEM! They don't want people amassing huge debts that'll never be paid, so they're usually flexible if it means you'll be sending them money.
The article states that the average family is $10K in credit card debt. That's not the fault of the credit card companies. No, it's the fault of people living beyond their means. There are alot of stupid and / or ignorant people out there. There are young people who just don't get how a credit card works, and they get in over their heads. The solution isn't to blame the credit card companies, it's to EDUCATE people. Why not have a basic personal finance course for high school seniors instead of some useless "humanities" course?
Obama wants government to do all the thinking so that Americans won't have to.
"To help you understand the risks that are involved in signing up for a credit card, I'll create a five-star rating system. That way, Americans can compare credit card companies and avoid those that are stacking the deck against them."I can already go online and compare cards in 5 minutes to find the one I want. Then I can have them send me an offer and I can read all the fine print. If I don't like it I don't sign up for the card. Sure, that requires you to actually read and think, but what parts of life don't require you to do those things? Some incompetent, bloated, government bueracracy isn't who I want compiling rankings and doing risk-analysis on my behalf. Do you really trust the competency of people who let things like this get into an official GOA report?