For someone who says he is not for big government and doesn’t want to run private industry, Obama sure does stick his nose in everything to the contrary. I have never seen so much government involvement in private industry. There is forcing banking CEOs out, forcing car manufacturers’ CEOs out, and now he is meeting with Credit Card CEOs. Noticed how I didn’t say force Union Bosses out. It is quite interesting how Obama missed that opportunity.
Evidently it is important for the great Obama to make sure these evil organizations stop their deceptive credit card practices. What ever happened to personal responsibility, perhaps even reading the contract before agreeing to it? It is a scary pattern for this administration that everything bad that happens to people is someone else’s fault. From mortgages that people cannot pay to businesses that have no business sense.
Maybe it is harsh, but if you can read then these practices are not deceptive. It is no secret what your credit card interest rate is, nor is it a secret that it will go up if you do not pay the minimum balance. And it is also no ones fault but your own if you run up a ridiculously large credit card bill. As shown by his policies, Obama’s mentality is the exact opposite. It is a system of rewarding the irresponsible and in doing so punishing those who are. Case in point. I am refinancing my house, but guess what. I have to pay all the associated fees unlike those who were “deceived”. Turns out my ability to pay my mortgage (and read) disqualifies me for any Obama plan. Shucks.
{ 2 comments… read them below or add one }
Cindy and I just ahd this conversation. She thought it was a good thing that someone is trying to put a stop to these interest rates. But you hit it on the button. The responsibility is on the borrowers.
We are on track to paying off our cc debt. I got to close my first account last week and it felt great! I knew it was a snake when I picked it up and I am tired of being bitten so I just won’t pick them up anymore and deal with the ones I have now by paying them what I OWE them and I do owe them because I agreed to thier outrageous rates.
We live in a country with the freedom to make smart, and very dumb choices. I made a dumb choice but I don’t need anyone to go to bat for me. The credit card companies have the freedom to sell to stupid people and I like it that way.
I would add that it goes both ways as well. Credit Card companies and banks for that matter know when they are loaning out a lot of money to more risky people so you cannot bail them out for these bad choices either.