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What new regulations should we place on the credit card industry?
Since we are going to bailout Wall Street lets have some benefits for main street.
No scamming college students who are not working into credit cards with free T shirt giveaways
When they raise the interest rate it should apply only to new purchases.
The maximum interest they can charge needs to be lowered. 18% anyone?
Longer grace periods. Lets go to 31 days minimum.
What other regulations should we be placing on the credit card industry?
2 Answers
- Anonymous1 decade agoFavorite Answer
No more ARM or interest only mortgages.
Only 15 to 30 year fixed.
Require at least 10% down. 20% for people that have owned homes before.
Make renting furniture, and leasing cars illegal unless you own a business.
Have commercials that state that carrying a balance does nothing to benefit your rating. And that saving for the things you want is the best way to live.
- Ed AtunLv 71 decade ago
No new regulations needed. The market will work things out without new laws..
