how do republicans/conservatives feel about the govt's attempt to curb debit/cc fees?

[BlahBlahYouToo]

on one hand, you have the govt meddling in private industries.

on the other hand, passing the law would save merchants, corporations (other than banks) and consumers money.

are conservatives for or against?

 

[yllus]

Would it really save anyone money? Europe has laws of this nature, what's happened there? The pessimistic side of this likely means that people with low incomes will simply not be able to get a credit card, whereas they once could but at a high(er) rate.

 

[QuantumPion]

I am against government meddling, they always have altruistic intentions but with unforeseen consequences that end up making things worse in the end. Just look at the housing crisis. This is a pretty minor issue in comparison but I'm still against it in principle.

 

[Scotteq]

In general, I dislike the Government poking around.


Having said that, there are definitely times when certain industries earn dubious honor of fully deserving full and deep education in what the receiving end of "Fiscal Sodomy" feels like.

 

[PokerGuy]

Government normally should not meddle in the private sector. If there's a monopoly (or near monopoly) situation where the consumer doesn't have free choices, the process is broken and some government action is needed and warranted. Such is the case with credit cards.

 

[Jadow]

I'm against this and I'm also against bailing out the banks. A nice consistent philosophy, govt stay away!

 

[Fear No Evil]

Well the result of the last bill that passed that was supposed to 'protect' me simply jacked up all my interest rates. Obama gave all the credit companies the wink and the nod saying 'Its going to go into effect in 3 months.. ' So a lot of my credit cards simply upped the rates before the new changes went into effect.

Citi was the worst. 3-4 months before the bill passed they gave me a 12.99 rate. Then the bill passed, it went to 19.99%. I called them and they of course gave me the standard runaround. I've been paying down debt quickly with the bad economy so if anything my credit score went UP during that time. (Last time I checked, its ~765).

I transferred my money off the card on to another card at 0% for 12 months then a lower annual rate after that. Hopefully in 2 years I will be completely debt free except for my mortgage.

So the last bill to "protect" me simply made me pay more. Once again the people who pay their bills get screwed while those who don't get all the protections and benefits. Guess I won't have to worry about that once everything is paid off, except then the credit card companies will probably find some other hidden way to charge me for the people who don't pay.

 

[Schadenfroh]

I would say it is time for America to do away with archaic hard currency all together.

Whether or not consumer banks / credit unions deal with the debit cards or The Fed creates some kind of debit card system remains up for debate.

The only real "market" for cash these days would be criminals (including tax evaders), the paranoid or those keeping it as a "backup" should the CC fail.

But, back to the point, I would not pass laws against credit card fees, I would let the market sort it out.

 

[piasabird]

I think the credit card issuers are given too much lee way and too much ability to change the rates on credit cards. I think if they make an offer on a credit card as a selling point they should be stuck with that rate. I think we also need to bring back a ceiling on the rate that can be charged on credit cards of 21%. Is there anyone else out there that thinks 35% is price gouging?

What is the difference between a bank and a Loan Shark?

Bring on the fixed rate credit card.

I think it is strange that a bank can arbitrarily just raise rates on credit cards through the roof sometimes for no apparent reason?

I currently am not using any credit cards. Anyone that does is signing over their rights to the banks. One problem I see is you need a credit card if you do any traveling, want to make reservations, or desire to rent a car.

There is already a kind of federal debit card system. Walmart can let you use one of their red dot cards just like you can get one with your Tax return dollars on it. You can also use bank transfers and such to load your money on to a card. My bank gave me a debit card and I use it like a credit card to purchase online.

 

[JeffreyLebowski]

I would say it is time for America to do away with archaic hard currency all together.

Whether or not consumer banks / credit unions deal with the debit cards or The Fed creates some kind of debit card system remains up for debate.

The only real "market" for cash these days would be criminals (including tax evaders), the paranoid or those keeping it as a "backup" for if the CC fails.

But, back to the point, I would not pass laws against credit card fees, I would let the market sort it out.

You obviously don't have children. Would you trust your 5-10 year old with a debit/credit type card?
If they loose cash, they just loose the cash you gave them. If they loose the card, they open the possibility of you getting whatever account it's tied to wiped out.

There will always be a need for cash. Go to any kind of convention, such as a comic convention, gun show, arts and craft shows ect. Cash is much easier to use than having everyone trying to process credit transactions, or do you secretly want to force everyone into paying more for EVERYTHING as all swiped transactions cost more money.

 

[JockoJohnson]

I am fine with it. As others have stated, when there seems to be a monopoly in a certain area, the government should step in. I think you have to be a far right extremist to believe government doesn't have some sort of role in society. This particular area is debatable, however, but I believe they are right to step in.

 

[CPA]

I would say it is time for America to do away with archaic hard currency all together.

Whether or not consumer banks / credit unions deal with the debit cards or The Fed creates some kind of debit card system remains up for debate.

The only real "market" for cash these days would be criminals (including tax evaders), the paranoid or those keeping it as a "backup" for if the CC fails.

But, back to the point, I would not pass laws against credit card fees, I would let the market sort it out.

That "archaic" hard currency is the only way to avoid fees altogether, by the customer and the business. Why get rid of it?

 

[Vette73]

Yep; as said there is to much monopoly type factors here and the Gov should step in for this case.

 

[werepossum]

Well the result of the last bill that passed that was supposed to 'protect' me simply jacked up all my interest rates. Obama gave all the credit companies the wink and the nod saying 'Its going to go into effect in 3 months.. ' So a lot of my credit cards simply upped the rates before the new changes went into effect.

Citi was the worst. 3-4 months before the bill passed they gave me a 12.99 rate. Then the bill passed, it went to 19.99%. I called them and they of course gave me the standard runaround. I've been paying down debt quickly with the bad economy so if anything my credit score went UP during that time. (Last time I checked, its ~765).

I transferred my money off the card on to another card at 0% for 12 months then a lower annual rate after that. Hopefully in 2 years I will be completely debt free except for my mortgage.

So the last bill to "protect" me simply made me pay more. Once again the people who pay their bills get screwed while those who don't get all the protections and benefits. Guess I won't have to worry about that once everything is paid off, except then the credit card companies will probably find some other hidden way to charge me for the people who don't pay.

This is why I'm against it. Credit card companies IMO should not be able to charge the rates they do. There's an easy way around this without government action; don't carry credit card debt.

 

[jonks]

There's an easy way around this without government action; don't carry credit card debt.

You require medication, can't afford to pay it up front b/c you barely make ends meet, or worse. Do you use the credit card to pay for the medicine even though you'll have to pay it off over time?

 

[BoberFett]

That "archaic" hard currency is the only way to avoid fees altogether, by the customer and the business. Why get rid of it?

Sounds like a good reason for the government and the credit companies to get rid of it.

 

[crownjules]

This is why I'm against it. Credit card companies IMO should not be able to charge the rates they do. There's an easy way around this without government action; don't carry credit card debt.

The majority of credit card "abuse" is avoidable because no one's forcing you to use a CC. The problem is that most Americans view CCs as an extension of their financial resources rather than a device for short term loans. You shouldn't be buying that $1500 TV on credit if you can't pay it off within a few months. And that's partly why our economy sank and is having a hard time recovering. We went way to far into credit without the underlying assets to back it up.

 

[CycloWizard]

Adding constraints on consumer choices can never improve their optimal outcome - that's a mathematical certainty proved hundreds of years ago. The goal of such legislation then is to protect people who don't know what is in their own best interest. The problem I have with this approach is that, in an effort to help people who can't figure out what they need, those savvy enough to do the right thing are penalized. Further, if an individual can't even figure out what is best for himself, how can a politician pretend to know what is best for him? It's an absurd proposition.

 

[spidey07]

Don't like it. As you can see that disastrous bill just made the people that pay their bills and be responsible pay more. The credit card company is going to get their money, the government just forced them to get it from responsible people instead of the screw ups.

 

[BlahBlahYouToo]

You shouldn't be buying that $1500 TV on credit if you can't pay it off within a few months.

you mean pay it off at the end of the billing cycle right?

 

[highland145]

I think the credit card issuers are given too much lee way and too much ability to change the rates on credit cards. I think if they make an offer on a credit card as a selling point they should be stuck with that rate. I think we also need to bring back a ceiling on the rate that can be charged on credit cards of 21%. Is there anyone else out there that thinks 35% is price gouging?

What is the difference between a bank and a Loan Shark?

So you think I shouldn't charge some guy with a 500 fico 35%, either?

Bullshit. I take the risk, I win or lose.

Else, he can pay 25% per week to the unregulated guy on the corner.

Don't like it. As you can see that disastrous bill just made the people that pay their bills and be responsible pay more. The credit card company is going to get their money, the government just forced them to get it from responsible people instead of the screw ups.

This X 10.

 

[PokerGuy]

No problem as far as I'm concerned charging someone whatever rate they want, as long as they disclose it up front. They should not be able to change the rate on something that was already purchased (ie, retroactively change the rate). You purchased something based on a certain rate, they should not be able to jack up that rate after you've already made that purchase, unless of course you default on your payments.

 

[piasabird]

Why would I give my children my debit card?? Are you stupid?

Interest never sleeps, never takes a nap, never goes on vacation, never takes a holiday. Once you go in debt, forever will you be a slave to it.

The problem is not the rate, it is the fact if you miss one payment, then bank can do whatever they want to you.

The Banks write the contract with everthing in their benefit and there is nothing you can do about it other than move your debt to a new card. So I dont cry about how people dont or cant pay back their credit card balances. I dont really know how people can even pay their bills with so many people losing jobs and getting layed off.

Did you know there were federal programs to help people pay off credit cards that reduces the rate to 6% for around 2-3 years and lowers your payment so you can have a chance to pay down your credit cards? This is what your credit card company will never tell you!

 

[Throckmorton]

The majority of credit card "abuse" is avoidable because no one's forcing you to use a CC. The problem is that most Americans view CCs as an extension of their financial resources rather than a device for short term loans. You shouldn't be buying that $1500 TV on credit if you can't pay it off within a few months. And that's partly why our economy sank and is having a hard time recovering. We went way to far into credit without the underlying assets to back it up.

Credit is why Americans have continued to vote Republican even while their real wages have fallen and the rich have concentrated wealth.

 

[Throckmorton]

You require medication, can't afford to pay it up front b/c you barely make ends meet, or worse. Do you use the credit card to pay for the medicine even though you'll have to pay it off over time?

Nobody should require medicine if they can't afford it. Live within your means!!