Once again the champion of personal irresponsibility, Sen Chris (where’s my drinking buddy Ted Kennedy) Dodd of Connecticut has put the screws to the banking industry, even more surprising as he is Chairman of the Banking Committee. A bill was passed which President Obama is slated to sign on Friday, that prohibits credit card companies from protecting their interests and their good, fiscally responsible customers. What this bill does is restrict the CC companies from charging premiums for high risk customers and dis-allow over-the-limit fees.
“This cements a victory for everywho has ever suffered at the hands of the ,” said , D-Conn.
Am I the only one that has a problem with this? Look, I am not completely without compassion, especially now with a suck-master economy and unemployment through the roof. I know that sometimes doing frivolous things, like buying groceries, forces the plastic to come out, especially when there is no income.
But, ‘suffered at the hands of the credit card companies’? Come on. I would hasten to say, and this is just my opinion with no proof to back it up, the vast majority of people in credit card trouble are not in such straits due to hard economic times. They get there from the hit of just buying…buying without cash and spending beyond their inherited means.
So in order to bail out the materialistic goons, those of us in good standing are going to pay the price and if you think the CC companies won’t pass on the additional costs to conform to this goofy legislation then you’ve been smoking the drapes a bit too long.
What I would propose is a system that continues to penalize the debt-ridden based on a sliding scale of their net income. If Muffy or Biff make, say, a combined 200K and are mortgaged to the hilt with 6 maxed out MasterCards – it’s off to debtors prison with you…I’m sorry, this has taken on a Dickensian tone…but you get my drift. This scenario is just meaningless spending to keep up with the Scrum-Finchleys next door.
If there is no income where once there was (obviously – only the most callous of credit companies issue cards to the unemployed or the family pet or….oh…never mind), and mere survival is being waged through use of the cards, I think these folks should get a break – to a certain extent. At least not be penalized. They do remain responsible for their debts. As should the aforementioned Muffy and Biff and the tedious Scrum-Finchleys.
And while we’re on the subject of horrid Government, have you noticed the goings on in Britain’s House of Parliament? Officials are spring-boarding out of Parliament like vermin off a sinking vessel; seems there are all sorts of juicy financial scandals coming to the surface for our stiff-upper-lipped MPs. So much so, that a local newspaper stand in London has posted a new sign stating “Only two MPs at a time.” Jolly good.