Do the Fed's New Credit Card Rules Go Far Enough?

Not according to Charles Schumer (D-NY) and Tom Harkin (D-IA) they don't.

Would the honorable Senators also like for Ben Bernanke to personally credit counsel every American in over their heads? How bout if the Fed starts offering a gold card with 0% balance transfers (NOT introductory, I mean FOREVER)?

It appears they don't like the idea of banks being able to jack up rates on customers who fall two months or more behind on payments. Of course they're Congressmen so they have no concept of macro whereupon a tweak like that means banks are more afraid than ever to extend credit to borrowers if they know they have little recourse to recoup their losses should said borrowers decide they just can't pay.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


W.C. Varones said...

This is good news. If they make it unprofitable to give credit cards to losers, banks will stop giving credit cards to losers.

The best thing that could happen to losers would be for banks to stop giving them credit cards.

I respectfully disagree, WCV.

It's their credit, let them charge what they want. If they set the terms and they want to deal with the repercussions, oh well, that's their right since it's their business and their credit.

I would think as a proponent of limited government you'd be averse to this sort of behavior. Because it doesn't stop with telling credit card companies what they can do as I'm sure you know.

I say let them charge $1000 in late fees, we're all adults here, it was already in the terms and conditions when the losers said "YES GIVE ME CREDIT!!!"

W.C. Varones said...

Oh, my beautiful libertarian sister.

I can only hope to one day regain the libertarian faith you have.

Greenspan the crack dealer kind of fucked up my faith in legalized crack.