Congress continues its march in showing all Americans their true and unrelenting corruption. This time, ‘helping” Americans by “limiting” credit card companies. Funny. Seems like all they did was become yes man to what the companies wanted: higher credit card rates. All the while thinking they can dupe people into buying into this garbage by saying they’re adding a “cap”.
Durbin said he would also introduce two other amendments that would establish a consumer protection watchdog for financial products and cap interest rates at 36 percent.
“Capped” at 36 percent? It’s sad, disgusting, and disappointing that Congressmen consider 36 percent a reasonable “cap”. And people thought the 24.99 max percent rate was bad. Durbin and the rest are still selling out the American people with that ridiculous interest rate. I am still of the opinion that CC interest rates should be no higher than bank interest rates. Maybe, at the absolute most, 10 percent interest. Period. Anything else is intended to turn Americans into economic slaves while continuing to allow these companies to push hidden fees resulting in an ever increasing rise in prices. How typical of Congress to ignore the real problem, intentionally so or not, so they don’t have to deal with it and allow the greedy and corrupt to continue their plunder of the people.
If Americans are smart, and learned anything from this recession, it is to dump the credit cards and live frugally with minimal credit card use. Possessions and materialism don’t make a better life. The corporations and the government certainly have no interest in making life better for anyone but their elitist selves.