Would a Credit Card Bill of Rights Ultimately Help or Harm Consumers?

• “Harm”

  

  “Deregulation Provides the Best Path to a Better Consumer Experience”

• No Objections Yet

Deregulation Provides the Best Path to a Better Consumer Experience

Competitive Enterprise Institute

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Recommend (1) Comments (7)

If America wants a better environment for credit cards, we should look towards repealing as many existing regulations as possible. The opaque nature of credit card statements comes from the hundreds of rules and mandates the government already imposes on the credit card industry. The difficulty some people have making payments comes from government standards mandating specific “minimum” payment sizes. America —and consumers—would do better if the government passes a real piece of pro-consumer legislation: a broad package of measures to deregulate the credit card companies and, for that matter, all other lending institutions.

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"Harm" CEI

• The Market Provides Abundant Choices
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• The Poor—and Those With Bad Credit—Would Suffer Most
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• Deregulation Provides the Best Path to a Better Consumer Experience
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"Harm" AFSA

• Policymakers Need to Look at the Big Picture
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• The Right Numbers Tell a Different Story
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• Price Controls are Not the Way to Go
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• Risked-Based Pricing Benefits the Customer
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"Help" CFA

• Act Would End Bait and Switch Contract Clauses
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• Cardholders Would Not Pay Interest on Debt Already Paid Off
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• Issuers Would Have to Fairly Apply Payments to Card Balances
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• Prohibits Retroactive Application of Rate Hikes for Consumers
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• Act Curbs Late-Fee “Gotcha” Tricks
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Most Objections

Do We Need Credit Card Rights?

• Help
• Harm

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