Advocates Seeking Increased Regulation Of Credit Card Industry
January 29, 2007
The recent testimony heard by the Senate’s Banking, Housing, and Urban Affairs Committee regarding possible increased regulation of the credit card industry brings back to the forefront the realization that credit cards as never good for you. In spite of what some say, there is no such thing as good debt.
A good credit score means nothing more than you are reliable when you pay back your debts. Therefore, it means that you have debts to pay back. It doesn’t mean you have a lot of money; in fact, it means you have very little money because you’re always paying it back.
A recent Marketplace report discusses the temptation of credit cards and how consumer advocates such as Harvard professor Elizabeth Warren are trying to open the eyes of the powerful in Washington DC to the reality of the credit cards and how they prey on the American consumer’s wallet.
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