Policymakers Need to Look at the Big Picture
Credit cards offer tremendous convenience, the ability to handle unexpected expenses and a means to manage payments for major purchases. The majority of U.S. households have no credit card debt, according to the Federal Reserve’s latest Survey of Consumer Finances. About a quarter have no credit cards and an additional 30% pay off their balances every month.
While problems may exist in the credit card market, the positives far outweigh the negatives. For example, half of all start-ups are funded by the owner’s credit cards.
In an economy experiencing a housing downturn, record energy and food prices and rising unemployment, many American consumers need their credit cards to get them through times when income is tight and non-budgeted expenditures – like a car repair or medical emergency – may arise. Now is not the time to force credit card issuers to tighten their underwriting standards, which is what the Credit Cardholders Bill of Rights (HR 5244) would do.
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OV Social
people need to learn to spend with the money that they actually have. we live in a capitalist society. we need to retain the capitalist society we are in, if people screw up with their credit cards thats their problem. if a credit card company has unfair practices towards consumers dont subscribe for a credit card from that company. people spent more money than they had its their problem.
> people need to learn to spend with the money that they actually have
they are already doing that. Instead 'they' ought learn self control, and not spend (all) the money they have.
there is nothing inappropriate- or irresponsible about credit spending against equity
wishful thinking, however, is not equity
that is an important lesson for the sheeple to master
This doesn't address the point of regulating exploitative practices; in fact, it rather supports it.
In a difficult market, people are desperate and may not have enough time to thoroughly assess their options.
This bill is not anti-credit, it's about transparent and clear communications of terms and conditions in a way that the market (consumers) can make informed decisions. It's about minimizing the duplicity in the communications practices of the credit card offerings.
"In a difficult market, people are desperate and may not have enough time to thoroughly assess their options."
Then they should probably learn to prioritize, or just not get/use a credit card in the first place.
Oh, that's right! The imaginary one in your head where people are always rational and always do what is right.... JUST like businesses.
They do care because they HAVE to. Otherwise they wouldn't remain in business to begin with. Also known as free enterprise.