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Sunday, January 10, 2010

Yet Another Bill to Cap Credit Card Rates is Doomed

(Important Update - July 14, 2013). Please check out Debt Suspension Rights for innovative observations and solutions to the epidemic of credit card defaults and misrepresentations of Reverse Mortgages.

Yet Another Bill to Cap Credit Card Rates is Doomed (click on this sentence to go to article.

This is absolutely nutty reasoning by the republicans. Credit IS TIGHTENING because the credit card interest rates are so high they are causing CREDIT CARD DEFAULTS! To use the presently high credit card interest rates as a reason to deny lower credit card interest rates is the dumbest thing I have read in years. 

If nothing else, at least offer an incentive program for those who want to reduce their credit card debt. Offer a 1 percent interest paydown program for those who want to reduce their credit card debt. At least give consumers a choice between staying in debt or not.

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