President Obama is looking to put a lid on nefarious credit card practices according to this article. I personally think that credit card companies have had it coming, they generally don’t care about their customer and often levy fees and/or raise rates for either no reason or little reason. I don’t have any credit card debt right now, I pay off my card every month on time and I’ve been with the company since 2005. But if I was to carry a balance it would cost me 19.9%. Oh and did I mention that I have very good credit as well? That kind of percentage is crazy and way out of line for someone like me, at least in my opinion.
One thing that the article fails to mention though is consumer responsibility. I consider myself a relatively responsible consumer/spender, but many people are not, and those people need to be held to a higher standard instead of laying the blame on the credit card companies. People need to realize when they have a problem and take responsibility and the actions the President is taking don’t require more responsibility from consumers.
Funny thing is though, a few months from now there will be a press release saying the credit card companies need to lay off 10’s of thousands of employees:)
Yep, and the execs will be bankrolling millions while the company loses money. Its so twisted.