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Click to view complete profile I believe that in the discussion of current events we should remember the...Read more
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A step for Main Street...?           489  Views
 
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The Senate is finally working to ease the burden of Main street when they voted out of finance committee reforms to the credit card industry. The bill working through the Senate would prohibit some of the draconian measures the credit card companies have enjoyed for years. A few examples of the unbridled greed of the industry has been increasing fees if you are late on your payment or the payment of a different card or increasing your interest rates for the same reasons. At a time when Americans are suffering from too much credit and the inability to manage their debt, the Senate's attempt to give relief is helpful. A bigger step towards relief would be to limit the interest rates credit cards can charge. Interest rates as high as 30% creates a lifetime of debt or bankruptcy. So at a time when we need to help stimulate the economy, putting the money back in the hands of American consumers so they can pay down their credit card debt and spend would be a boost for everyone except the banks and credit card industry that in large part helped create this mess. However, consumers need to learn the lesson, if relief is given, consumers should learn to live within their means and cut the credit cards. PEACE
 
Posted on 4/10/2009 3:23:22 PM     © One Woman's Opinion
credit  card  bank  stimulus  package  Obama  Senate  Federal 
Reserve  debt  consumer  credit  bailout  wall  street  main 
street 
 
 
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