All this news is driving me crazy...the government is NOT responsible!?

S

Saturated.

New member
For people who are in credit card debt!

If you disagree, please provide just 1 damn reason as to what is the federal governments role in credit card debt....
 
In 2002 Congress passed legislation that eased the rules on lending. This encouraged the credit companies to go after a customer segment that otherwise would have been hands-off due to being a risk.

That Joe Smith is up to his ears in credit card debt is Joe's fault. That Joe Smith was given lines of credit when anyone could see Joe is a credit risk is not Joe's fault.

Most dogs will eat and eat and eat until all the food is gone, even if it makes them sick. Is that the dog's fault or the fault of the person who gave them too much?
 
One small element to your expressed concern.
What people tend to overlook, is that every time, no matter what the "item" is, Government get's involved, even regulating, somewhere at some point, that Agency WILL need additional Staff and more.
The FDA, recently provided control over tobacco products, has not only added 23 new positions, but have a budget request for additional space, equipment and for 2010, MORE people.
This EXPANDS Government, which is what a lot of people resent.
And even the smallest "Government" oversight or control, expands that office. Multiply this by ALL the little enterprises the Feds can get into and it's staggering.
 
One small element to your expressed concern.
What people tend to overlook, is that every time, no matter what the "item" is, Government get's involved, even regulating, somewhere at some point, that Agency WILL need additional Staff and more.
The FDA, recently provided control over tobacco products, has not only added 23 new positions, but have a budget request for additional space, equipment and for 2010, MORE people.
This EXPANDS Government, which is what a lot of people resent.
And even the smallest "Government" oversight or control, expands that office. Multiply this by ALL the little enterprises the Feds can get into and it's staggering.
 
you are right...its not the governments fault. What I find funny is that with any credit card there is a long page of the rules and regs and what happens when you don't follow them and what could happen. What I find funny is that people get mad when their interest rate goes up, well, they say right there in the contract they can do that. They mention the 30% rate if you are late on a payment etc...and then people act surprised when it actually happens....the sad part is most people don't actually read the fine print. I do agree that some rules need revamped, like making them give notice when rates will rise etc..but come on, everything was there when people signed the the dotted line and started using the card. If they didn't read the fine print, thats their own problem not the governments or mine or anyone who used the card responsibly.
 
you are right...its not the governments fault. What I find funny is that with any credit card there is a long page of the rules and regs and what happens when you don't follow them and what could happen. What I find funny is that people get mad when their interest rate goes up, well, they say right there in the contract they can do that. They mention the 30% rate if you are late on a payment etc...and then people act surprised when it actually happens....the sad part is most people don't actually read the fine print. I do agree that some rules need revamped, like making them give notice when rates will rise etc..but come on, everything was there when people signed the the dotted line and started using the card. If they didn't read the fine print, thats their own problem not the governments or mine or anyone who used the card responsibly.
 
you are right...its not the governments fault. What I find funny is that with any credit card there is a long page of the rules and regs and what happens when you don't follow them and what could happen. What I find funny is that people get mad when their interest rate goes up, well, they say right there in the contract they can do that. They mention the 30% rate if you are late on a payment etc...and then people act surprised when it actually happens....the sad part is most people don't actually read the fine print. I do agree that some rules need revamped, like making them give notice when rates will rise etc..but come on, everything was there when people signed the the dotted line and started using the card. If they didn't read the fine print, thats their own problem not the governments or mine or anyone who used the card responsibly.
 
The government should regulate credit card companies in order to protect consumers from predatory lending. Our government should also not allow foreign banks to put American citizens into debt. Our government should ban offshore banking and work to keep U.S. dollars in the U.S.

As far as people who, like myself, have borrowed money, they/we should pay it back. I just wish that I had known at the time that I was borrowing money, and therefore paying interst to a foreign owned bank.
 
The government should regulate credit card companies in order to protect consumers from predatory lending. Our government should also not allow foreign banks to put American citizens into debt. Our government should ban offshore banking and work to keep U.S. dollars in the U.S.

As far as people who, like myself, have borrowed money, they/we should pay it back. I just wish that I had known at the time that I was borrowing money, and therefore paying interst to a foreign owned bank.
 
The government should regulate credit card companies in order to protect consumers from predatory lending. Our government should also not allow foreign banks to put American citizens into debt. Our government should ban offshore banking and work to keep U.S. dollars in the U.S.

As far as people who, like myself, have borrowed money, they/we should pay it back. I just wish that I had known at the time that I was borrowing money, and therefore paying interst to a foreign owned bank.
 
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