I just wrote this letter to my Congressman. Please, whether you have a credit card or not, feel free to tell me how far off the mark I am.
I just read a report online about the president seeking to pass new laws regulating the credit card industry.
Congressman, I appreciate the need to protect consumers, but honestly, this is an unnecessary expansion of government powers. Credit card companies are private industries, privately-owned and privately-operated. Apart from the precedent of government interference, even when the issue of unfair business practices arises, I simply don't think the government should intervene now.
Everyone knows that credit cards are a serious risk, especially in today's climate. I know that some people get themselves into serious trouble, but most of it is of their own making. The very idea of a credit card is to spend more money than you have. That attitude alone leads to bad spending decisions. You can't blame the companies for that.
Some of the issues the president wants to address include "tricky fine print, sudden rate increases, and late fees". I don't mean to suggest that anyone who gets a credit card without checking each of those issues themselves deserves what they get, but how are these issues different from someone buying a home, a car, life insurance, or any other transaction that includes a contract? Everyone takes the same risks every time they spend money or sign their name. How are the credit card companies so far out of the norm that they warrant intervention from Washington? Before you sign any new legislation regulating the credit card industry, I would appreciate an explanation.
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