Tweet The Obama Administration Thinks Credit Card Company's Need To Be Spanked
The fact of the matter is that credit card companies will invoke punitive measures on people that have either had a setback or have in some way violated the extremely small print on the application that they filled out for the card. These punitive measures are painful, but what punitive measures aren't. They are also typically spelled out clearly, albeit in a font that you need a magnifying glass for.
Truth be told, who among us has ever read the fine print on that "contract", or many other contracts that we sign which have potential financial ramifications. This can include, but is not limited to, car rental agreements, car leases and mortgages.
It would seem, according to the Obama administration, that the mere act of being able to sign our names (even if it is with an X) is the limit of our personal responsibility in this. We, as mere citizens, cannot be expected to understand fully the transactions that we are entering into. It is therefore incumbent on the government to step in, take care of us, and punish and invoke yet more control on another private industry in our capitalistic system in order to protect us from ourselves.
Think how lucky we are to have such a protective government that is willing to step in where we cannot or are not able to.
"...Americans know that they have a responsibility to live within their means and pay what they owe," Obama said in his weekly radio and Internet address Saturday. "But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all too common...
...You shouldn't have to fear that any new credit card is going to come with strings attached, nor should you need a magnifying glass and a reference book to read a credit card application. And the abuses in our credit card industry have only multiplied in the midst of this recession, when Americans can least afford to bear an extra burden," the president said...
...Railing against what he said was "abuse that goes unpunished," the president stressed the need "to strengthen monitoring, enforcement and penalties for credit card companies that take advantage of ordinary Americans."(AOL)
It is a lesson that we should teach to our children. Don't worry about what you do, what you sign, what contracts you enter into because if they are harmful you bear no responsibility and the government will take care of it. Big Brother has your back.
Seriously though, I have no sympathies for credit card companies or any of the other industry's whose contracts are written in type so small that my old eyes can't possibly read it. I have been dinged myself when I forget to send my payment in and get charges.
But "abuse that goes unpunished? Do they invoke penalties that are not in the contract? If so I agree with that statement. If not, then it is a ridiculous statement designed to pander to the public and gain fuel to take over the management of an industry!
But can the government step in, or should the government step in to every aspect of business or society that in it's mind is being unfair to the citizenry?
What ever happened to PERSONAL RESPONSIBILITY?