Republicans: How does letting credit card companies screw us over help the middle class again?

You guys claim to be champions of the middle class, so please explain how blocking a law to keep credit card companies from screwing over customers helps the middle class.





And no, I don't want to hear "read the terms first". That still does not help me, a middle class worker.








Please, PLASE tell me how this helps anyone but the billionaire owners of credit card companies. Thanks!|||I think it is pretty obvious that Republicans are not champions of the middle class and, in all fairness, none of their stated policies have ever indicated that they are. They have championed the causes of the very wealthy on the basis of a trickle-down philosophy.





Elizabeth Warren, a Harvard Law professor, has been writing about this issue for years. She teaches contract law. She has stated that the credit card contracts are purposely unintelligible and she doesn't understand them.





The average consumer cannot be criticized for not understanding the contracts because they are not meant to be understood.|||Why should the consumer be allowed to screw over the credit card company. They lose billions each year in bankruptcies and credit consolidations. Walking away from the debt that the card holder willingly incurred is the problem, not the card companies. Billionaire owners really don't exist. The owners are you and me. Most mutual funds and 401K have money in the card companies. These lenders are publicly traded and owned so your premise is false.








EDIT: Tribec, all you need to know about a contract with a credit card company is, don't get in over your head and pay what you borrow. Pretty simple stuff to those who can think.|||For all their talk of supporting working Americans, their actions speak volumes. The republican party, to me, is like an illusionist. Focus your attention on this hand, while the other does something completely different.





If you ever notice on these types of questions, the republican responders want to put ALL the responsibility on the borrower when any and all decent human beings realize there have been plenty of predatory practices going on for years and business will do anything to make a profit, unethical, immoral, doesn't matter as long as it makes a profit.





I have watched and participated in politics for over thirty five years now. I still can't figure out why anyone would be a republican. How they convince their base to vote against their own best interests election after election, escapes me.|||Notice your first answerer.. he's sure that it falls back to you.. what he doesn't understand, is that your initial contract does not lay out what the arbitrary rates and fees will be.. typically, Financial contracts specifically credit Card apps, are very vague about what a rate might Jump too, or what the penalty will be for Lateness, Missed payment, also Like non fixed HEL loans (Home equity Loans) they typically tie it to 1 or two points above prime, but leave off penalties and fees..


so the average borrower unless he or she is sitting with someone like me that can read through the fine print, will see the Intro rate, and the term of that rate ie, for the first 6 months you'll enjoy a flat 4% rate on all transactions (there are always clauses on that as well if you look)


and then at the end of that introductory period the rate will go to X..


Lots of people figure, ok..I'll load all of my other cards onto this one for that 6 months and then do it again with the next one ..


Turns out, there are fees for coming and going, excessive balance, slow pay, etcetcetc..





It's a scam from start to finish,..





20 years in Auto Finance (I do not have one single credit card..not one)|||You are welcome to my thoughts even if you do not agree. I consider myself a conservative on financial issues and middle of the road on moral issues. In general, I think government should allow and encourage free enterprise and allow the market or work. BTW I am a hard-core supporter of free markets and capitalism. In general, the government tends to make things worse when they meddle in business, the economy or financial matters. Remember when the government pursued the noble goal of encouraging home ownership? Remember the S%26amp;L disaster of the 1980's? I am firmly convinced that financial mess was 100% the US government's fault.





This is a long-winded way of saying that we will all be better off if the US government is not allowed to run the credit card business. If you don't like the terms don't use the card.





EDIT: Would the government help the middle class by setting a maximum price for a car? A house? A loaf of bread? Do you see where I'm getting at? In my opinion, the government can help the middle class by encouraging free enterprise. Of course, this is not the same as same as saying there should be no laws. I guess we disagree about this, takes all kinds I guess.|||Good God, anybody who asks a question here is like a thirsty man trying to milk a drop of water out of a rock. Nobody even attempts a real answer most times. I guarantee you most people who sign up for anything financial -- credit card, home loan, car loan, annuity -- trust the talker at the desk to steer them straight. They place their trust in these people, because they are not lawyers, and they have no choice.





I know the first several trolls "answering" you aren't lawyers either. And if something went wrong for them after they signed on the dotted line, they'd be crying momma first and loudest.|||Why does every bit of legislation have to help one part of society over another?





When you get a credit card, you should know what a credit card company can and can't do to you. If you aren't comfortable with that, don't get the card.





And if you want to know how this will help middle class workers? Maybe it will convince people to read things before they sign them.. and to live within their means.|||It's the fault of both credit card companies and the people. The card companies are using the old bait a switch. And the people that live by these credit cards are gullible enough to not read the fine print and fall for it. Both sides need to take responsibly for their actions. Yes! Destroy those cards.|||How hard is it to understand that each state has the right and obligation to set the standards for credit card use within its own borders? People within the states have the right to demand the legislation they need to control credit card abuses within their own states.





The Federal government has no business in state affairs. The more power of this kind that goes to the central government, the less power the individual states have.





It always seems like such a good thing when we get this kind of legislation through Congress but no thank you.|||In theory people shouldn't have to rely on a credit card to get by. If they do then they are living outside of their means. Cut back on your spending and use of credit cards if you can't afford to buy something. It's personal responsibility or do people still need their mommy to wipe their backside?





If everybody lived within their means then we wouldn't be in the mess we are now.|||Personally, I am tired of hearing all of you whining liberals. You complain when you get things you can't pay for, then scream at the republicans because of it. You LOVE Obama because he will make sure that you shouldn't take responsibility for your actions. Hang in there, Obama is on the way to hold your hand through life.|||I guess I don't understand how a credit card company following a contract legally entered into with a borrower is screwing anyone. How do you take a loan and not read the contract? I'm all for protecting the consumer but I don't see where this alleged screwing is occurring..|||I say let the libs play the game, it's all theirs. If lenders can get bailed out so can lendees.





The only ones stuck holding the bag will be the ones with principles. Oh, and the tax-payers (probably the same people). Thank the libs, don't blame Republicans.





I think Republicans are just trying to STOP the entitlement mentality before it ruins us. But twist it any way you want, I don't care much about this issue.|||i am a big believer in contracts





and don't object to you having read the contract before signing





and not signing if terms are not understood





credit cards are a scam and that has been obvious since their inception





screw those corporations, destroy your credit cards|||OK, yes it is your responsibility to read it! yes... that is correct. But is it right for them to try and "get people"? No, its not. People want to claim they have morals but is it morally right to try and trick people?|||Your retarted. Who aloud you to speak? everything you just said is completly 100% wrong and you should really learn your facts before you start bantering on your dumb democratic bull. Oh yeah and P.S...... obama has done nothing to help this country so far so FACE!|||I totally agree with you! Like you, I think the government should hire a lawyer for every adult american to read and explain every contract that american signs. That way no one would ever have to take personal responsibilty to read any contracts they sign!|||Ultimately, the democrats are the ones who are screwing you because when credit cards cease being profitable they will cease being offered which will only slow the economy down further. When will people ever learn what happens when government "fixes" something?|||Democrats: How hard is it to read a contract or not sign a contract if you don't understand it?





Sorry... I am middle class and I can read. Can't you?|||We live in a debt based society. You are in debt from the day you are born and your debt will only get bigger. Credit Cards are only a small part of the big picture.|||hey there bud last time I checked you Democrats have complete control of Congress......you can't blame Republicans this time|||Ever heard of personal responsibility?





Quit blaming all those EVIL companies and don't use them. Problem solved.|||You don't want to hear "read the terms first"!?!!?!?





Then PERHAPS you shouldn't have any credit cards if you can't BE AN ADULT and read the fine print.|||Try protecting yourself and not needing the government to do everything.|||its this wierd thing called "teaching people responsability"





damnedest thing|||It doesn't.





I love this answer :"Your retarted. Who aloud you to speak?"





Hilarious.