Congress Accepts Double Talk from Credit Card Companies

If I want hearings today on Capitol Hill regarding credit card companies.  The heads of many of the major credit card companies and banks were being questioned by a rational panel on their insane and predatory practices.  One man had spent $3200 on wedding expenses, and later received over 40 late penalty charges on his credit card totaling more than $10,000.  He was laid on his credit card payments, but only three times.  Not 40 times.  The head of Chase actually apologized to the man and promised to fix it after the fact.

Credit card companies however are out of control.  After successfully lobbying Congress, less than a year ago to tighten up the bankruptcy laws, such that no consumer can ever write off their debt again, yet the credit card companies can write off bad debt, which is direct paradox.  Congress pandering to the rest of the country today, grilled the heads of these banks looking for credit card reform.  That reform could have been put into the bankruptcy laws that tighten down the clamps on everyday citizens around the country, however Congress to want to help the everyday Americans last time around.

So, that has a critic or companies were able to go up and schmooze with their favorite members of Congress, and apologize for their mistakes, while they all went to a nice big expensive lunch after the fact paid with the extra fees that taxpayers around the country of them pain.  Since Congress threw the baby out with the bathwater.  Not so long ago.

Until Congress comes up with a nationwide law that limits interest charges, they just won't be serious with credit card companies.  Today banks and credit card companies can set up shop in Delaware and South Dakota in charge interest rates that exceed 30%.  In fact, the interest rates can go up to 50 or 60% even higher if they choose to.  There is no limit in those states.  In a few other states do limit interest, but if the credit card company or bank is headquartered in Delaware.  It doesn't matter.  That means that only the federal government can put curves and limits on credit card interest rates.  If Congress is so worried about the personal debt is accumulating in the accounts of everyday Americans.  A good place to start would be to limit the interest rate that credit card companies can charge.  Personally I'm sick of the hypocrisy.