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Can Obama save us from predatory credit card companies?
Obama is now attacking predatory credit card companies for giving people bad deals on their cards and interest rates. He is even attacking McCain saying that McCain has voted against forcing credit card companies to inform customers when they raise their rates. McCain forced back by saying Obama voted against a 30% interest rate ceiling for all credit cards. So, which candidate will be able to stop predatory credit card companies and stop the companies from charging high interest rates? Do either one of these candidates really care to follow through on stopping these practices? Is this just more pandering? Or do they really have plans to to stop credit card companies from charging over 20% interest on cards?
24 Answers
- CalvinLv 71 decade agoFavorite Answer
Usury should be regulated. Obama is right on this.
Can he save someone from being stupid? No. Regulation can however insure fairness in lending.
- kittysoma27Lv 61 decade ago
Really do we need government involved in every aspect of our lives? What's next, are people going to ask the government to hold their hands while they cross the street so they don't get hit by a car? It is called "personal responsibility" and as a matter of fact, credit card companies DO inform you of the interest rates up front. The problem is that some people are just too lazy to read the fine print. If people don't want to pay a high interest rate on a credit card, then they shouldn't use it.
- 1 decade ago
The Credit Card problem is your problem, Not the Presidents.
You signed the card, You accepted the terms. You blew it
into oblivion. So now suffer with it. Don't buy what you can't
afford. Pay cash for everything you purchase. This will stop
your spending cold in its tracks. Its the money you can't see
that gets you in trouble. Not the cash in your hand you can
see.
- Anonymous1 decade ago
Short answer - No
Long answer - Sen. Barack Obama's chief VP "vetter", Jim Johnson, is known to be the brains behind Fannie Mae's and Countrywide's predatory lending practices. Sen. Obama refused to condemn his close friend's (Jim Johnson) key role behind the crisis brought by predatory lending.
Sad.
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- 1 decade ago
WOW!!! I remember just a few years ago when people had problems they did not come running to the Government for help. Just try to be smart and do not use a credit card (i am not rich)
- 5 years ago
He already brought change the first day. He married an Ape and brought her to the White house. So we have an Ape as our First Lady! CHANGE YOU CAN BELIEVE IN. I'm sure the Animal Activist can appreciate this type of Change.
- Last RangerLv 61 decade ago
My credit card balance is '0'.
Because I pay it off at the end of every month. Not because the government helped me.
- 1 decade ago
I must say, that is an interesting issue
My solution would be: don't take out a loan if you disagree with the terms or can't afford it
But I'm sure Obama will come up with a plan to "save" people...from themselves.
It's what big gov't socialists do best
- be happyLv 41 decade ago
Obama can not save you from your credit card problems, thats a personal issue not a national one.
