Brainfade Posted May 20, 2009 Posted May 20, 2009 http://money.cnn.com/2009/05/20/news/economy/credit_cards/index.htm?cnn=yes At the same time, more people are not able to make their credit cards payments and are walking away from debt, according to a Federal Reserve report. However, Treasury Secretary Tim Geithner said Monday he was not concerned about a consumer debt "bubble." "Americans are going to be reducing how much they borrow, improving their balance sheets, saving more," he said. "Banks are still going to have losses they're going to have to adjust to. And that's what's going to make the process of repair here longer. . .But that's a necessary, healthy process of adjustment for us to go through." To top of page Overall, I commend the President for getting this through. But the ideologue in me asks: Where is personal responsibility these days? People, READ the dadgum bold print AND fine print before you start swiping your plastic left and right. Pay off your balance each month. If you can't pay it off, cut up those cards. It seems that "living within your means" is an alien concept. Bottom line: Good move.
fineleg Posted May 20, 2009 Posted May 20, 2009 Overall a good move, though the ramifications of it may short change the people who are responsible, and many of the save-the-people bills (even Housing/Real Estate) are more for the irresponsible people who got themselves into a mess with irrational spending.
THX_1138 Posted May 21, 2009 Posted May 21, 2009 I concur that the notion of personal responsibility ought not be eliminated, but this bill is targeting practices that aim to exploit individuals. For instance, offering credit card applications to students on an alcoholic binge in the middle of spring break at the beaches of cancun, mexico is something that stretches beyond the realms of personal responsibility. Not to mention the rationale or the lack of, behind hiking the interest rate of an individual defaulting on a monthly payment. Or the self aggrandizement of certain lenders as fair, and humane when what they really mean is "we got you now sucka!"... Credit cards are indeed a bane of our existence... but since it would not be possible to eradicate them, they lenders ought to be controlled.
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