I'll take that as a yes.
Now, have you been involved in any of the letter writing campaigns to press Congress to pass laws to close some of the credit rip-off loopholes? I have. I have documentation of hundreds of emails I have sent pressing for better banking laws. I have pushed and campaigned for these things.
But, I also understand that every person must take responsibility for what they do. If I sign a contract, I am liable for whatever the fine print says. And anyone who DOES sign a contract without understanding it is, in my opinion, stupid.
Also, as I pointed out, there are plenty of free resources online to help consumers understand their options, show them about scams, and translate the legalese into understandable english. Anyone who signs a legal contract, when they do not understand it, without availing themselves of the free resources available to them, is both lazy and stupid.
Since you can offer no valid reasons why anyone would sign a contract without understanding it, you have no real argument.
I want the laws changed. But until they ARE changed, as long as the companies do not break the law, there is nothing to be done. And there is a flip-side to those companies. Many people screw up their credit when they are young. Then they will not be offered cards or loans with good rates. But many, many people have used the ones you are ranting against to rebuild their credit. They do this by understanding what they are signing and not borrowing more than they can afford. These credit card companies are the financial equivelent of the rent-to-own furniture places. It is not a smart deal or a good bargain. But, for many, it is either them or they have to actually save the money before they buy something.
You are raving against a fringe of the credit card industry. And even if they were the majority, a credit card is NOT a necessity. In fact, if your budget is tight, borrowing money is a stupid way to buy things. If you are paying 23% interest on the card, you can increase your buying power by 23% by saving for what you buy. But that means waiting for that new TV or microwave or Wii game system.
You letters have been answered!!! You should be a huge advocate for this agency and this consumer protection advocate...
http://www.consumerfinance.gov/
The central mission of the Consumer Financial Protection Bureau (CFPB) is to make markets for consumer financial products and services work for Americans—whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.
At the consumer bureau, we will:
Educate
An informed consumer is the first line of defense against abusive practices. The CFPB will work to promote financial education.
Enforce
Like a neighborhood cop on the beat, the CFPB will supervise banks, credit unions, and financial companies, and it will enforce Federal consumer financial laws.
Study
The consumer bureau will gather and analyze available information to better understand consumers, financial services providers, and consumer financial markets.
Core Functions
The consumer bureau will work to make sure that consumers have the information they need to understand the terms of their agreements with financial companies. It will also work to make regulations and guidance as clear and streamlined as possible so providers of consumer financial products and services can follow the rules on their own.
Congress established the CFPB to protect consumers by carrying out Federal consumer financial laws. Among other things, the consumer bureau will:
* Conduct rule-making, supervision, and enforcement for Federal consumer financial protection laws
* Restrict unfair, deceptive, or abusive acts or practices
* Create a center to take consumer complaints
* Promote financial education
* Research consumer behavior
* Monitor financial markets for new risks to consumers
* Enforce laws that outlaw discrimination and other unfair treatment in consumer finance
