Edward Harrison

Credit Cards: Higher Loan Losses Mean Higher Interest Rates

That is exactly the point: we need Congress and the President to make the rules to stop abuses. If we allow any sort of corporate behavior, the we will get any kind of behavior, including predatory lending and usury.

We need our representatives to step up and take considered action. The more I see this under Obama, the more disappointed I become. Isn't he supposed to be change?

On Jul 02 04:36 AM Michael Young wrote:

And I am unsympathetic to the view "don't take a credit card unless you can cope with the debt". It's up to the sector and the government to regulate and control borrowing.

Credit Cards: Higher Loan Losses Mean Higher Interest Rates

I think you have the gist of it down pretty well. The question is whether Obama will stop this kind of thing because he says consumer protection is necessary. Don't hold your breath.


On Jul 01 04:49 PM effeff63 wrote:

We pick up the banks and dust them off after they trip and stumble over their own greed driven risk taking, and now we have to indemnify those same banks for the poor credit risks they choose to continue to pursue.