In this totally ass-backward, government-knows-best, debt-based economy we live in, the United States Congress has apparently decided they need to penalize you for paying your credit cards.
According to this NY Times article, "Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit."
What is so wrong with asking people to be responsible for their own spending habits? And when did it become a bad thing to leave the fate of risky borrowers to the natural regulation of the free market? Instead, we push our politicians to "regulate", to "protect", to "make things fair". And why do people assume politicians know best???
In reality, all this government regulating ever does is penalize the wrong people, creating the illusion that even MORE regulation is needed. After all, when the credit card companies try to recoup their revenues elsewhere, you know government will step in again, claiming to protect us from the "greedy" credit card companies.
Don't want to pay 23% interest on your credit cards? Pay your bills...or just lobby big brother to penalize the people who actually do...
After all, people who pay their bills, refuse to spend money they don't have and fail to get caught up in government-endorsed consumerism are evil and should be punished.
With that kind of thinking, it is pretty obvious why our economy tanked.
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4 comments:
Grrr. This is ridiculous. But not exactly surprising. Personal responsibility is soooooo old-fashioned.
Today's top headline in The Arizona Republic:
Credit-card reform clears Senate: Crackdown on industry could be approved by Obama next week
I am amazed how biased many medias are. Why do they just assume that everything government legislates qualifies as "reform".
Am I the only person on the planet that realizes that this "crackdown on industry" will eventually manifest itself by negatively effecting individuals with good credit? Not matter what "rules" government institutes, the credit card industry is not going to stop making money. They are just going to have to raise their revenue elsewhere, raising fees and rates on those that have done the right thing with their finances.
We must all hail to government's efforts to reduce all individuals to the least common denominator. In today's society, being responsible means being penalized.
No, you are not the only person who realizes that. But ya know what? I don't actually need credit cards, I guess. Perhaps I will just cancel mine and live on debit and cash. It's funny how having good credit is actually no longer desirable by the credit card cos.
We plan to cancel our credit cards if this happens. There is no reason to use them anymore unless there's some kind of emergency and you don't have the cash on hand at the moment. Maybe some maverick credit card company will spring up and all the people with good credit will go there? Might break up the giants of Visa, MC, AmEx and Discover? Hmmmmmmm
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