douglogic

Credit Card Catastrophe: Congress Can't Help

I agree with the general notion that people should be smarter with their money. No doubt about that. I also agree that Obama is not pushing these card measures because he cares about you. Both parties are co-opted by the banking lobby and any meaningful legislation to curb practices by these credit card companies have no real chance to make it through the congress.

However, I do think there should be reform legislation. Things like making the due date on a weekend day so you cannot make a payment on time when you wait to the last minute is designed as a gotcha. That is one example, but there are so many gotchas in the credit card agreement that most consumers do not understand what is happening to them.

In my opinion, the only people that should use credit cards are people with enough money in the bank that they really don't need them. That seems to be what you are suggesting by paying off the balance each month. I concur. However, as you also mention, if all people follow that advice, consumer spending in the U.S. will drop like a rock. Our economy seems built on putting people on the revolving wheel of consumer spending with credit cards.