Which Party Would Support Charging Elderly & Less Eductated People 30% to 40% Interest Rates on Credit Cards?

Question

Which party would be angry if credit card companies had to use some form of fiduciary responsibility in evaluating customers?

By the way, I am a republican. But, I know "sick ideas" when I see it.

Answer 1

all of them.

Answer 2

You don't understand. Such credit card issuers want you to rack up debt and become their slave by being trapped under such a burdensome interest rate. They disclose their interest rates to their customers. If less educated means someone doesn't understand the implications of the high interest rate, then they are even less educated for going on spending sprees without asking questions about how it all works. I say if you want to live beyond your means, you deserve whatever troubles come your way as a result.
If everyone used credit cards responsibly, then there wouldn't be much income from interest and companies would charge annual fees and find other ways to add fees. No thank you, I'm quite content to let others support this convenience.

Answer 3

Typical for super capitalistic regressive right wing thinking so that means the GOP though unfortunately today's Democratic party could sure improve on this issue as well.
That's the kind of matter Democratic Socialists feel very strongly about. We feel It's not OK to racketeer on the backs of the poor uneducated and less fortunate.

Yes in part it's personal responsibility but this is taking place in a bigger context where people are valued for what they have and not for who they are where humans are treated as consumers first and citizens second and where advertising is pushed 24/7 to give us the idea we need to buy their crap to be happy.
There is a personal responsibility but also a responsibility for society as a whole!

Answer 4

Both parties adhere to this. And to be honest, if you are a credit risk you deserve the rating you get.
I do agree whole-heartedly with you though, that some regulation on the credit interest rates needs to be initiated....but it will never happen. All parties are heavily lobbied by this!!
Moreover, they cannot regulate too much on this, as the difference between interests rates is what drives the competition within the credit market...you remove that and you have a monopoly being formed by one company...not exactly the best thing for the consumer...
Finally, no one on Capital Hill cares as they all look at like this:
If the interest rates on CC are so high, then don't get one. Or work on your credit history.
Its insensative, but its what people think. Socially responsible questions such as this often fall on deaf ears on the Hill.

Answer 5

The Bank Party

This all goes back to Republican Bill Clinton deregulating his SEC.

That enabled the South Dakota Republican Governor to change State banking laws allowing astronomic interest rates and methods of charging these rates.

What followed was "all" the major Credit Banks re-Incorporated in South Dakota so they could enforce South Dakota Law on all their customers.

What followed was Universal default. For any of a vast list of reasons the bank can charge you the maximum level of interest.

America had one voice against this San Francisco DA Hallihan. He brought charges against Banks for false billing. (a Federal Crime) Unfortunately Providia Bank spent a fortune opposing Halihan in the next election cycle. Halihan was defeated and the charges disappeared.

In America greed is King

Answer 6

Which party is for absolutely no regulations on lending? Thank God I live in a state with a Democratic legislature. The credit card companies are still out of control but there are now some limits on these predatory payday loan places.

Answer 7

Who on Earth would support that? I mean I think even loan sharks and the mob give better interest rates than that. I'd do my banking with them and say screw the 40% interest credit cards.

Answer 8

The GOP. The Republicans ought to be held to the same feduciary responsibility in borrowing money for unnecessary wars.

Answer 9

Republi-conartists

Answer 10

That was the President, not the Party. Where was your Congress to stop him by the way? Which Demo candidates are talking about doing ANYTHING about it BTW?

edit- In your other spam you ask if republicans cheer at the rates. Keep your lies straight.

Answer 11

That would be Republican. Free market means free to take advantage of the less educated or less intelligent.