A New Shot in Obama’s War on Merit: Credit Cards
May 19, 2009
Did you purchase a house that was within your means and pay your mortgage each month? Good for you. You will now be taxed to help finance the mortgages of people bought mansions they could not afford.
Did you run a tight ship at your business and maintain profitability even during the recession? Good for you. You will now be taxed to prop up businesses who were less responsible or competent.
Have you acquired and maintained quality health coverage for your self and your family? Good for you. You will now be required to pay for health insurance for people who didn’ while the quality of care you receive diminishes.
Have you maintained an affordable balance on your credit card and paid it off in full each month? Good for you. You will now lose the resulting benefits in order to pay for the deadbeats who didn’t.
Credit cards have long been a very good deal for people who pay their bills on time and in full.Even as card companies imposed punitive fees and penalties on those late with their payments, the best customers racked up cash-back rewards, frequent-flier miles and other perks in recent years.
Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit.
Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs, and charging interest immediately on a purchase instead of allowing a weeks-long grace period, according to bank officials and trade groups.
“It will be a different business,” said Edward Yingling, chief executive of the American Bankers Association, which has been lobbying Congress for more lenient legislation on behalf of the nation’s biggest banks. “Those that manage their credit well will in some degree subsidize those that have credit problems.”
Obama wants social justice and equality and to get it, he is going to drag you down over and over and over. How long before the subsidization of failure by merit drives up the value and occurrence of failure? Welcome to the Obamanation race to the bottom.
RUDE JUDE :
Date: May 19, 2009
We just paid off our 30 year fixed conventional mortgage loan and did it in 13 1/2 years with zero late penalties, always paid off our credit card in full with the first statement, always paid taxes, always had good healthcare coverage, always paid our utility bills on time AND we have NO KIDS! We are called “DINKS” Double Income No Kids. We are ones that get the most from the shaft and it SUCKS!!! The only thing I can think of in order NOT to sustain deadbeats is to not ever use my credit again so “they” at least won’t be able to use that against me. What the hell is going to happen to us “good ones”? I’m sick and tired of this crap.
vanagram :
Date: May 19, 2009
We’re headed back to the days of carrying gold coin….
“Whenever destroyers appear among men they start by destroying money. Destroyers seize gold and leave to its owners a counterfeit pile of paper. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it becomes marked: ‘Account overdrawn.’
–Ayn Rand, Atlas Shrugged.
James :
Date: May 19, 2009
Rude Jude, you and I, and other Revo readers will become an extinct species.
RUDE JUDE :
Date: May 19, 2009
James: this is so sad. My Dad is the one who taught me how to take care of my own.
notamobster :
Date: May 19, 2009
Maybe we’re already gone… and just refuse to admit it.
“Money is a tool of exchange, which can’t exist unless there are goods produced and men able to produce them.” ~Ayn Rand “Atlas Shrugged”
“The only thing I can think of in order NOT to sustain deadbeats is to not ever use my credit again so “they” at least won’t be able to use that against me. What the hell is going to happen to us “good ones”? I’m sick and tired of this crap.” ~ Rude Jude, “The Real Revo”
HOW LONG WILL IT TAKE (FORMER) CITIZENS TO STOP PRODUCING, FOR BEING TIRED OF SUPPORTING THE SHITHEADS? EAST GERMAN STYLE SOCIALISM, ANYONE?
Roy Ryder :
Date: May 19, 2009
There are a handful of credit card companies that really are predatory, but why not actually focus on the bad apples instead of trying to make applesauce out of everything. Obama wants everyone equal, but equal of outcome regardless of actions. More than anything else he’s done, this smacks of socialism.
James :
Date: May 19, 2009
Roy, no legislative action is required.
If your company and payments are “unfair” move your balance to a competitor. What is “predatory” anyway?
R.D. Walker :
Date: May 19, 2009
I kind of agree with James here Roy. It’s not like the credit card companies run you down like you are a wildebeest on the Serengeti. Those who get preyed upon voluntarily stick their heads in the lion’s mouth.
They usually respond to the credit card company that treats them this way in the tried and true American way. It is called “not paying your bill.” In fact, those high rates are what pay for the option to “not pay your bill.”
In any case, you are right. Obama’s socialist plan is to protect those who offer themselves up to be lion-chow by taking away the benefits responsible people receive. That sucks hard.
vanagram :
Date: May 20, 2009
This POS passed the Senate, althouogh they stuck in the loaded gun in parks provision, which is a positive but an expensive price to pay for a RIGHT we already had….
My favorite provision in the new bill requires anyone under 21 to prove that they can repay the money before being given a card, or have a parent or guardian promise to pay off their debt if they default.
So, if you’re 18 years old, and a responsible adult, you have to get mommy or daddy to vouch for you? How the hell does that work? And how, exactly, do you “prove” you can repay?
Perhaps by looking at…..hmmmmm…maybe a ‘track record’ or something. You know, like a payment history of some kind….a running record showing how you have — or have not– paid your debts in the past. Then we could overlay some kind of stack ranking system or grouping based on that.
You know, like a FUCKING CREDIT SCORE!