Good ideas for credit card reforms

Good ideas for credit card reforms

There are 2 comments on the Stamford Advocate story from May 10, 2008, titled Good ideas for credit card reforms. In it, Stamford Advocate reports that:

His run for the presidency far behind him, Sen. Christopher J. Dodd of Connecticut has not forgotten what inspired him to run in the first place.

Join the discussion below, or Read more at Stamford Advocate.

Due Dilengence

Englishtown, NJ

#1 May 11, 2008
It's time for credit card companies to get the real "pay back" they deserve. Neither the Fed's plan (as usual) nor Dodd's plan is enough to bail out the consumer in crisis. So here is my due diligence plan which they will hopefully legislate as policy:

1) Extend the 0% APR on all credit card holders who have previously qualified for this option for on additional year or a total of 30 mos.
2) MAX out the interest rates that credit card companies are allowed to charge - at 15% tops. Make it ILLEGAL for credit card companies to go above this amount. Instead, keep the $25 -$30 late fee penalties - but do not touch the interest rates until a consumer officially defaults (i.e. makes no attempt to work out a payment plan) w/ the credit card companies. With the MAX being 15% or less (13.99% should be the limit).
3) Bring back the ability to use credit card and charge card bills as tax deductibles. Why was this ever changed???!
All mortgage loans and auto loans are tax deductible. Give me a break - the Credit Card companies are THIEVES and enough is ENOUGH!!!!
4) No one under 21 should be allowed a credit card. If the solicitations continue, and fraudulent activity occurs - due to soliciting children, infants, dogs, cats and for all we know, squirrels living in tree houses, the credit card companies would not only be liable but they would also risk being sued. The consumer should have the right to sue credit card companies who are responsible for ID theft due to their negligence w/ their internal operating systems and employees who have access to our social security numbers and Personally Identifiable Data.

I believe that consumers should also do one of two things - create a nationwide "awareness" day where no one uses credit cards for one day - to put a squeeze on the credit card companies. If that does not work, then a one month non payment - awareness "sit it" again to hold credit card companies accountable for their gross negligence w/ interest rates and loose monitoring of our personal information. As a nation, we NEED to put a SERIOUS squeeze on credit card companies - neither Dodd's plan nor the Fed's (surprise, surprise) will make a big impact - i.e. they are weak attempts and their needs to be SERIOUS negative implications for credit card companies to motivate them to change.

Last but not least, my best idea yet it to have a reverse scoring system. Consumers should create a website for these Credit card companies - giving them a FICO score to determine if they are worth even applying for. Again, the best medicine is to give another party a taste of their own medicine - to see how they like it when the shoe is on the other foot. I would love to see the credit card companies have to undergo radical reform. Afterall, it's their fault that the consumer got themselves into this mess in the first place. I mean, they give LOWER interest rates to the wealthy and HIGHER interest rates to the poor. PLEASE tell me how this makes any sense? Robin Hood himself even knew how to make credit worthiness assessments better than the credit card industry - it's time they took a chapter out of his book!!!!!

-FED UP
Addis

London, UK

#3 Mar 26, 2014
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