Credit Card Reform: A Democratic Issue?

[soupkitchen]

The truth of the matter is that credit card companies have been getting away with charging usurious rates for a long time now.
As prime rates fell the automatic decreases in rates did not kick in like the automatic increases did as the prime was moving upward.
Now I know it's possible to shop around and get better rates but the reality is that a lot of financially unsophisticated people are being exploited.
And since almost everybody is a credit card user it seems that it's an issue from which the Democrats could get a lot of mileage. Just by calling for a sense of fairness and decency. The credit card companies raised their "service" rates again this week and not a peep is heard from our lawmakers.
At some point the Democrats better start caring about the issues that affect working and middle class pocketbooks again. And credit card reform seems as good a place to start as any to me.

[galadrium]

1. I agree

I know I have heard about this issue in the campaign, but I forget who it was.

This is certainly an issue that should be looked at. Although I do think this is mostly an issue of "personal responsibility."

Credit card companies should have to disclose how much they will charge and what the fees will be, IN BIG PRINT, so people will notice it.