Why do we need the credit card reform act? How does it help responsible consumers?
It only helps irresponsible deadbeats who do not pay their cards off each month. Responsible consumers who pay the balance in full every month receive no benefit. I fact responsible consumers may actually experience higher rates because of the money banks will now be forced to lose on irresponsible deadbeats.
Actually the deadbeats you are referring to aren’t covered by the new reforms. In fact if you are behind by 60 days almost nothing in this legislation covers you.
March, 1st 2010 at 2:02 am
But it will also help the economy. Recall that buying on credit and not being able to pay it off was what caused the Great Depression. If we allow things to continue the way that they are, history could repeat itself.
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March, 1st 2010 at 2:35 am
Actually the deadbeats you are referring to aren’t covered by the new reforms. In fact if you are behind by 60 days almost nothing in this legislation covers you.
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The Bill
March, 1st 2010 at 3:04 am
Because politicians believe that people who don’t pay their bills on time (and poor people in general) are little more than children. Ignorant and irresponsible, they don’t know any better and it’s up to everyone else to help them out. Voter empathy and fear of being labeled "cold-hearted" allow them to get away with it.
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