Republicans: Do credit card companies need less regulation too ?

No they do not need less regulation. To the person who claims the credit card companies are private, you could not be more wrong. They are ALL publicly traded companies and can be found in the NYSE boards.

For those who still believe that those who play by the rules will not be affected by the companies, you are also incorrect. I guess you missed the feature on CBS Nightly news a few months ago where it featured numerous families who play by the rules,, were not overextended, paid their bills on time, yet found the interest rates increased, the line of credit decreased or their cards cancelled altogether.

http://www.walletpop.com/credit/article/_a/bbdp/bi...

http://www.findingdulcinea.com/news/business/2009/...

The roads have potholes. The education system doesn't teach students, it just babysits. The food I eat is only safe depending on who you ask. (I love red meat) I don't ride in airplanes, but those are safe because of flying dutchmen, not the American government. Technically, it could kill you, but I'll give you that it's cleaner than the Detroit River with how many companies in Michigan contaminate The real problem with just concentrating on making regulations is that they don't get enforced. For example, Michigan has consumer protection laws regarding pricing. You can go into just about any store in Michigan and find that they are in violation of these regulations. I suppose the same could be said for off-shore oil rigs. Now, why are the regulations on corporations not enforced while living citizens get arrested for possession?

The problems were created from government intervention and so they're not going to be solved by government intervention.

In a truly free market economy, credit card companies pulling antics like this wouldn't exist. Companies would be forced to set fixed rates and fixed fees if they wanted to keep their consumer base. Government favors for the big companies are the sources of these problems.

so credit companies now have legal limitations on them as to how they can control risk ..... therefore risk increases ...

now who do you think is going to have to absorb that risk?

once again, you are advocating those who have played by the rules and spent wisely paying the burden of those who have not ....

...so it's not at all surprising you are so hot in support of this one...

...as for your late fee 'example' I would simply say "That doesn't seem very ethical....I would like to close my account and take my business elsewhere."

....I spent several years working my way out of a severe debt situation that I created for myself, so I am now in a position where I can make this statement ... again, is it my fault if you're in such bad shape that you are at the mercy of any creditor?

I think the biggest problem with credit cards is people use them to purchase:

1. Things they can't really afford.

2. Things they really don't need.

Yes, this bill is a nanny bill. It's making sure the big, bad credit card company doesn't hurt a misinformed or irresponsible American.

They had no choice after they created this credit "crisis" in the first place.

absolutely...its a real simple proposition...who takes charge of your life...the liberal government or YOU. im perfectly capable of handling my own affairs and if the xxx xxxxxxd government cant handle their business how in the name of god do you expect them to handle mine.

bottom line, its all about competition...its called if i dont like it I DONT SIGN FOR IT.

i think the new motto for the republican party is...no thanks for this type of assistance, i can do fine all by myself.

since obama can make the interest lower for credit cards.why dont he make it less for me to pay my rent,food,gas,electric bill.many other things.sure its a good idea but its the free market.they can charge what they want to charge.how america is what it is

Yeah they don't need any more regulation. They are a private.....PRIVATE company and can charge what they want...it's what YOU agree to...if you don't like it don't get the card....come on people some personal responsibilty here is ion order here ...get your head out!