Comments on: Will the CARD Act Turn Credit Card Users into Payday Loan Users? http://www.creditcardchaser.com/will-the-card-act-turn-credit-card-users-into-payday-loan-users/ "Chase" down the best credit card offers! Sat, 11 Feb 2012 19:30:04 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Joel http://www.creditcardchaser.com/will-the-card-act-turn-credit-card-users-into-payday-loan-users/comment-page-1/#comment-467 Joel Mon, 08 Mar 2010 17:45:10 +0000 http://www.creditcardchaser.com/?p=3940#comment-467 Thanks for the comment Tracy and I definitely agree with you that more financial education is a good thing. I would even go so far as to say that since most parents aren't doing a very good job of teaching their kids about financial things (maybe because they don't know a whole lot themselves in the first place!) there should should be required high school and college courses on personal finance. On the financial education issue I can definitely agree with you but on the "fewer options" is better line of thinking I have to say that I respectfully disagree. Wouldn't you agree that more choices would be better for the consumer? (Especially if there was a strong push for financial education as we both agree on and consumers could make good choices and companies that offer poor options will either go out of business or be forced to come up with better products to compete) Thanks for the comment Tracy and I definitely agree with you that more financial education is a good thing. I would even go so far as to say that since most parents aren’t doing a very good job of teaching their kids about financial things (maybe because they don’t know a whole lot themselves in the first place!) there should should be required high school and college courses on personal finance.

On the financial education issue I can definitely agree with you but on the “fewer options” is better line of thinking I have to say that I respectfully disagree.

Wouldn’t you agree that more choices would be better for the consumer? (Especially if there was a strong push for financial education as we both agree on and consumers could make good choices and companies that offer poor options will either go out of business or be forced to come up with better products to compete)

]]> By: Tracy http://www.creditcardchaser.com/will-the-card-act-turn-credit-card-users-into-payday-loan-users/comment-page-1/#comment-464 Tracy Sun, 07 Mar 2010 18:12:46 +0000 http://www.creditcardchaser.com/?p=3940#comment-464 Wow...that graph was disturbing. Credit card debt is the fault of the consumer, but we fail when we don't educate consumers in financial responsibility right up front, like beginning in elementary school. I don't know how effective government regulation will be, but fewer credit options may not be a bad thing when it comes to a sustainable economic system. Credit companies (all of them) have proven that they wont regulate themselves or work try to come up with a business model that is profitable, but responsible when it comes to being members of a larger human community, so regulation was probably necessary. Wow…that graph was disturbing. Credit card debt is the fault of the consumer, but we fail when we don’t educate consumers in financial responsibility right up front, like beginning in elementary school. I don’t know how effective government regulation will be, but fewer credit options may not be a bad thing when it comes to a sustainable economic system. Credit companies (all of them) have proven that they wont regulate themselves or work try to come up with a business model that is profitable, but responsible when it comes to being members of a larger human community, so regulation was probably necessary.

]]> By: Joel http://www.creditcardchaser.com/will-the-card-act-turn-credit-card-users-into-payday-loan-users/comment-page-1/#comment-449 Joel Mon, 01 Mar 2010 04:20:47 +0000 http://www.creditcardchaser.com/?p=3940#comment-449 Yep, what is unfortunate is that those unintended consequences are usually much worse than any of the original problems (especially in the long term), wouldn't you agree? Yep, what is unfortunate is that those unintended consequences are usually much worse than any of the original problems (especially in the long term), wouldn’t you agree?

]]> By: Evan http://www.creditcardchaser.com/will-the-card-act-turn-credit-card-users-into-payday-loan-users/comment-page-1/#comment-448 Evan Mon, 01 Mar 2010 04:00:41 +0000 http://www.creditcardchaser.com/?p=3940#comment-448 Anytime the gov't gets involved there are unintended consequences. Anyone that thought the CC companies were going to leave the billions upon billions on the table, were either stupid (Congress) or just didn't get how for profit corporations work. Anytime the gov’t gets involved there are unintended consequences. Anyone that thought the CC companies were going to leave the billions upon billions on the table, were either stupid (Congress) or just didn’t get how for profit corporations work.

]]> By: Joel http://www.creditcardchaser.com/will-the-card-act-turn-credit-card-users-into-payday-loan-users/comment-page-1/#comment-437 Joel Fri, 26 Feb 2010 03:41:37 +0000 http://www.creditcardchaser.com/?p=3940#comment-437 It does seem rather strange that if one was going to impose some type of limiting legislation that they would start with credit card companies rather than payday loan companies but IMO I would vote to let both payday loan companies, banks, and credit card companies charge any type of interest rates that they want as long as they are honest in their marketing and full disclose exactly how their products work, wouldn't you agree? It does seem rather strange that if one was going to impose some type of limiting legislation that they would start with credit card companies rather than payday loan companies but IMO I would vote to let both payday loan companies, banks, and credit card companies charge any type of interest rates that they want as long as they are honest in their marketing and full disclose exactly how their products work, wouldn’t you agree?

]]> By: LeanLifeCoach http://www.creditcardchaser.com/will-the-card-act-turn-credit-card-users-into-payday-loan-users/comment-page-1/#comment-436 LeanLifeCoach Fri, 26 Feb 2010 02:45:17 +0000 http://www.creditcardchaser.com/?p=3940#comment-436 Looking at the scope of the payday loan places and the charges applied it makes you wonder why congress didn't go after them first if not at the same time? Looking at the scope of the payday loan places and the charges applied it makes you wonder why congress didn’t go after them first if not at the same time?

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