Saturday, October 10, 2009

Credit Card Companies Rush to Beat Protections

I just read this morning that some credit card issuers are jacking up rates and minimum payments in a hurry because a new law passed in congress would prevent it from doing so. That's a perfect example of the American way of doing business. It's all about the profit and has nothing to do with what's good for people.

In truth, we should neither be surprised nor should we be angered by this. It's what businesses are supposed to do (make money, as much as they legally can) and we should never expect businesses to be concerned about out well-being. We the people need to use the rights and powers given to us by the Constitution to ensure that commerce, like Government, works for our benefit.

We created Government to give us the ability to set rules that protect us from abuse by private businesses. If the rules are set correctly, businesses are free to do whatever they want (within the law) to make money and we won't need to worry about being unfairly abused.

An effective and accountable Government should heed our needs and take action when abuses occur. To their credit, that's what Congress has done in passing this new legislation, but until it goes into effect we need to be ready for whatever the credit card companies decide to throw at us.

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1 comment:

  1. Are you really having a brain stick inyor nose..