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I think the case here, though, isn't about bad debt being passed on to the creditworthy. I think that in this instance we're talking about credit companies ensuring themselves extreme profitability in advance of closer regulation. And the letters I've been getting from credit card companies during the last two months certainly bear that out.
Maybe in some cases, but my bank which I have been a member with for over 25 years and who has always been fair and straight with me basically say that they have to in order to balance out the cost related to the caps that are coming. CC companies make back a lot of their money on fines and penalties associated with rate hikes to customers who fall in bad standing. Take away their ability to compensate based on those who are bad and it pushes the company into a direct loss. So they must compensate across the board to be able to adjust for the fact that they can no longer penalize those who actually deserve it.
I don't like it, but I understand it. The responsible card holders are carrying some of the burden of those who are irresponsible. The only other option as I said is for the CC company to start taking losses. The better business they do, the more benefits they offer the good customers. Some might think it profiting on the poor, but it really is profiting on the irresponsible and personally I have no problems with them doing that. It is one of the downfalls for being irresponsible and there should be a price for such.
And who would that be? The only way Democrats could pass the bill in time for the holidays would be with the support of the GOP -- all but five of which voted for it initially.
It's always been the Republican Party but more and more, in order to tap in to large donations in order to pay for the increasingly expensive campaigns, it's the Democrats, too.
It's always been the Republican Party but more and more, in order to tap in to large donations in order to pay for the increasingly expensive campaigns, it's the Democrats, too.
Maybe its always been both parties, one just more blantant about it while the other one cowards and lies to your face..
Maybe its always been both parties, one just more blantant about it while the other one cowards and lies to your face..
Nah. Big Business didn't use to bother contributing to Dems. Dems got a lot of money from unions and it simply didn't use to take as much money to stay in office. Times change.
#1 - The Credit CARD Act was passed by Congress this summer and takes effect in Feb 2010
#2 - What failed for passing (the GOP freeze) was a measure to prevent credit cards companys from raising rates btwn now and then
#3 - Dodd tried to pass the measure by requesting a vote of unanimous consent, foregoing any floor debate because Dodd and fellow Dems do not want to delay debate on Health Care; five GOP senators objected to this tactic and objected.
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A few things
