WR - Good Controls or More Government?

06-11-2008, 11:58 PM

joerockhead

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Good Controls or More Government?

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CHICAGO - Democrat Barack Obama called for tighter restrictions on credit card companies Wednesday and accused Republican presidential rival John McCain of doing too little to help Americans avoid crippling debts.

Continuing his monthlong emphasis on the economy, Obama met with hard-pressed borrowers in Chicago and summarized his plans to crack down on lending practices he describes as abusive. He would bar credit card companies from raising interest rates without the borrower's approval and from applying higher rates retroactively; establish a federal credit card rating system; and bar interest charges on items such as late fees.

McCain has "sided with the credit card companies" on issues such as protecting "teenagers and college students from deceptive credit card practices," Obama said.

In 1998, McCain opposed a Democratic bid to require credit card companies to obtain information showing that borrowers under 21 could handle the debts they would likely incur if given cards. Obama also noted that McCain opposed a 2005 bill to require credit card companies to inform borrowers, on their monthly statements, that making only a minimum payment would increase the amount of interest paid and the time it would take to pay off the full balance.

McCain's campaign fired back, noting that Obama voted against a 2005 measure that would have limited credit card interest rates to 30 percent.

In a January debate, Obama said he opposed the bill, which was defeated, "because I thought 30 percent potentially was too high of a ceiling. So we had had no hearings on that bill. It had not gone through the Banking Committee."

Obama on Wednesday said many Americans incur big credit card debts because they make foolish purchases. But for too long, he said, "credit card companies have been using unfair and deceptive practices to trick Americans into signing agreements they can't afford." The contracts are lengthy and "often filled with traps and fine print that only a credit card executive could understand."

Obama had planned to campaign Wednesday in Iowa, but flooding there prevented him. His campaign hastily arranged the Chicago event to avoid a day with no public events during a week in which he is criticizing McCain on several economic issues.

Barely two dozen people attended the event, in which Obama talked with three struggling borrowers and a consumer advocate at a small table. The setting was in keeping with his recent emphasis on small, low-key events that contrast sharply with the huge rallies for which is known.

When I think about the Use of a Credit card, it means being responsible. If you over charge all the time and do not pay attention to your Bills and interest rate, then you are an ignorant individual.

With Obama's plan, he is CONTROLLING commerce. More Government Control. I do not like that.

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06-12-2008, 12:01 AM	#2
fmb bitch Join Date: Jan 2007 Location: SC Posts: 2,435/3.36 Threads: 73 Friends Network	Re: Good Controls or More Government? I agree with your determination of and use of credit cards. Hell, if a card company had to ask my permission to raise an interest rate, I'd refuse every time!! Politics, as usual. This relies on the idea the average american is too stupid to research anything and only listens to what is presented in the 15 second spot on TV!

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06-12-2008, 12:22 AM	#3
zpr Original Hippie Killer Champion! Join Date: Jan 2008 Location: Portland, Or Posts: 564/1.58 Threads: 78 Friends Network	Re: Good Controls or More Government? The government sticks their noses in to many places it doesn't belong. Adults have the responsibility of managing their own finances. If I finance a car that I can't afford, why is it anyones problem but my own. Same with credit cards. If I max every card I have and can't make the payment, it's my problem. I've been in that situation before, and I worked my way out of it. Now I make sure I don't even come close to that again. I don't understand why anyone would want the government controlling every aspect of their lives. I might as well hand my checkbook over to a government accountant and have them manage my finances. The government should be much smaller than it is.

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06-12-2008, 10:34 AM

Krasch

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Re: Good Controls or More Government?

Quote:

Originally Posted by zpr

The government sticks their noses in to many places it doesn't belong. Adults have the responsibility of managing their own finances. If I finance a car that I can't afford, why is it anyones problem but my own. Same with credit cards. If I max every card I have and can't make the payment, it's my problem. I've been in that situation before, and I worked my way out of it. Now I make sure I don't even come close to that again. I don't understand why anyone would want the government controlling every aspect of their lives. I might as well hand my checkbook over to a government accountant and have them manage my finances. The government should be much smaller than it is.

Amen brother!

It's not like the government is good at being really efficient or anything. Actually, it's the opposite. Why would anyone want THAT running their life?

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06-12-2008, 08:26 PM	#5
CD Psychic MOD Join Date: Jul 2004 Location: Everywhere Posts: 7,157/4.40 Threads: 280 Friends Network Gold Member	Re: Good Controls or More Government? I'm just pissed off at being offered 300 new credit card offers each year. It gets old to know that I'm practically guaranteed a new platinum card each Monday and Wed of the week. Maybe the focus should be on preventing credit card companies from praying on kids, and not weather or not the kids can be responsible.
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06-12-2008, 10:32 PM

93crawler

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Re: Good Controls or More Government?

Quote:

Originally Posted by CD

I'm just pissed off at being offered 300 new credit card offers each year. It gets old to know that I'm practically guaranteed a new platinum card each Monday and Wed of the week.

Maybe the focus should be on preventing credit card companies from praying on kids, and not weather or not the kids can be responsible.

I definitely agree there, and being in college, you get a ton of credit card offers. I completely agree that it is the persons responsibility to pay or not pay his/her credit balances--I do. I do think there should be some regulation, and reform of the credit card industry, and loans companies though. There was regulation, up until recently with the mortgage industry, until it became deregulated recently by Bush.

I think that you can't necessarily have it both ways though---for instance, the government bailed out the mortgage lender Bear Sterns(spelling?) recently, and has in the past bailed out several other "American" companies as well like Chrysler several times. If it truly is a "free market" then these companies should have folded, I don't care how many people they employ. You want "free market," this is free market, but that's not at all what is practiced here in the US. The government bends over backwards to protect the rich, while turning a blind eye to the poor, and increasingly---the middle class.

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06-13-2008, 04:50 AM	#7
Car Enthusiast how long can I hold out Join Date: Jan 2004 Location: Columbus Posts: 3,558/1.96 Threads: 83 Friends Network Gold Member	Re: Good Controls or More Government? seems like obama was more speaking towards keeping credit companies honest by law instead of letting them offer things to people who can't afford it. But i mean when the gov will bail your company out when it is going under after all of the people you shouldn't have given credit to can't afford it and then your business is failing why have any rules about credit at all cliffs there need to be more restrictions for finance companies

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06-13-2008, 08:38 AM	#8
joerockhead Erica Ownz me! Join Date: Dec 2004 Location: 5280' Posts: 8,373/5.67 Threads: 343 Friends Network Gold Member	Re: Good Controls or More Government? More restrictions, but the controls he was talking about are FAR too much. Once again, people have to be responsible for their actions, and when they are not, then the Government will come in and take over. losing tiny bits of freedom all the time, people tend to ignore.
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06-13-2008, 06:56 PM

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Re: Good Controls or More Government?

Quote:

Originally Posted by joerockhead

More restrictions, but the controls he was talking about are FAR too much.

Once again, people have to be responsible for their actions, and when they are not, then the Government will come in and take over. losing tiny bits of freedom all the time, people tend to ignore.

The government imposes age restrictions on sex because kids under a certain age are too gullible/immature/naive to be allowed to have sex. A lot of Americans agree even though the age at which kids actually do have sex is getting younger and younger. Even still, maybe what you are saying is that when kids turn 18, they should all be responsible and never fall for million dollar ad agencies promoting credit lenders that pray on gullibility?

Good luck with that.

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