Reply #50: If you want to stop people from abusing credit cards [View All]

[PA Democrat]

I would suggest that there are ways to do this that don't involve such draconian measures that punish the many people who are not guilty of frivolous spending, but rather are facing bankruptcy due to medical bills, job loss, or divorce.

How about teaching kids in school about the perils of credit card debt and the deceptive and greedy practices of credit card companies?

How about requiring HONEST disclosure about interest rates, penalty fees, and how long it would take to pay off your balance if you only make minimum payments? Better yet, provide this information in simple language that wouldn't require a team of contract lawyers to interpret it.

How about restricting the predatory lending practices of many lenders?

My understanding is that the current bankruptcy laws do offer lenders recourse against people who abuse credit.

Don't people see the pattern? Because of a minority of frivolous lawsuits, we must take away the rights of people who file legitimate lawsuits. Because of the minority of people who file for bankruptcy due to their own reckless spending, we must punish the majority of people facing bankruptcy due to circumstances beyond their control.

This bill doesn't address the problem of credit card abuse. It just ensures higher profits for a morally bankrupt industry.

Edited for clarification