Credit Cards devastate Americans.

Byron Dorgan (Dem. – North Dakota) was on C-Span this morning to discuss the elements of the Senate’s upcoming Credit Card Bill. I’m not sure what he thinks he can accomplish, but at the very least, he is making us aware that the CC companies are big players in the screwing of the American Economy.

Some points:

– The average credit card debt for American households is $10,000.00.

– 80,000 new credit cards were solicited last year, many to students and people
without ongoing employment security.

– People who have ALWAYS paid their credit card debt 100% on-time are now seeing
their standard interest rates raised from 7.5% (avg) to 27% or more.

Even debit cards, which have always been billed as “same as cash”, are seeing new fees added on by banks and card companies. Dorgan is insistent that it is the responsibility of the government to protect Americans from this brouhaha by regulating fhe industry.

“Why should we allow these companies to target children with credit cards?” asks Dorgan. “There’s a lot to these companies that needs to be reined in.”

This is something I agree with… and I’ll be very interested to see the Senate’s debate this week… and I wonder what the anti-legislation folks (banks, cc companies, Republicans) will do to make themselves appear fair and concerned with the health of America’s wallet.

Under The LobsterScope