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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.
