I really am convinced folks on the left, including our current Administration, believe poor people are simply too stupid to care for themselves, and need to have their options limited by government.
John Stossel explains the credit card “bill of rights”, which is nothing more than the government limiting access to credit by increasing the costs (and thus the price) of credit.
Credit cards didn’t create consumer debt — they are merely a superior alternative to older methods.
As President Obama and other politicians demagogue this issue, keep two things in mind: Life would be more difficult without credit cards, and banks don’t have to keep issuing them. Be careful what you ask for.
Actualy, we are getting exactly what we asked for.