Credit Cards and Government Regulation

[Elaine]

There has been a lot of talk up here recently about the government stepping in and regulating the credit card industry, their (high) interest rates being one of the things that will be regulated.

Do you think the government should regulate credit card interest rates?

Credit card interest rates: How high is too high? What do you think is a reasonable rate?

If rates are dropped, do you think that will make it harder to get a credit card?

And anything else you can think of... :twothumbs:

[AAMOMMY]

I think they should do something. I don't know how it works there but right now our banks are getting their money at 0% and raising our rates. I think thats a load of poop!

[Elaine]

I'm really on the fence with this one. Yes, some rates are high (20+%) and the interest alone is putting people into serious debt but on the other hand credit cards are credit. People are spending money they don't have. Why shouldn't the rates be high?

[Farah]

I don't think I have an issue with the rates being high, but I DO have an issue with continually increasing the rates. While yes it's credit, I don't think it should be allowed for them to be able to gouge consumers for use of their cards. Especially when they're currently getting bailout and stimulus money. That money was to help them survive and I guess I believe that in a sense, they should return the favor.


When you sign up for a credit card, know the rates, the policies, and the expectations of your card. Most of the time it's not hard seeing as they just want you to pay on time. That being said the credit card companies have a responsibility to be fair with their consumers. I guess I think they should return the favor from the government to credit card holders.

[AshleyMommyto2]

DH & I do NOT have any credit cards. Never have don't know if we ever will... If we dont' have the money for it we don't buy it. Now we have some money in savings for emergency. And we have AWESOME credit so if there is something BIG for an emergency I can go to our credit union and get a 90day note easy. Now I don't think there is anything wrong with credit cards when used right, and the interest rate can get crazy. I think you should read everything carefully before signing up for one.