The Credit Card Reform, I mean, Rewarding Irresponsibility Act

Congratulations to Congress and President Obama (One Big Almighty
Mistake America). You have successfully rewarded
irresponsibility and encouraged more people to go deeper and
deeper into credit card debt.

This was done by passing and signing into law the Credit Card
Reform legislation which in my opinion should be more properly
titled the Rewarding Irresponsibility Act of 2009. This
legislation penalizes people like myself who, with pride, pay off
our credit cards each month. My mamma and daddy taught me one
simple lesson. If I won't have enough money at the end of the
month to pay for it, I don't need it! Well guess what? People
like me are going to be hit with higher fees and interest rates
as a result of this legislation. We can also say goodbye to the
rewards programs and promotions we've seen so much of.

There are two things about this legislation I actually agree
with. First, people under 21 won't be able to get a credit card
unless they can show their ability to pay. Why restrict that to
those under 21? Why not make that apply to everyone? It's
terrible when college students come out of school with a mountain
of student loan debt. Piling on credit card debt only makes
things worse, although, if they were actually taught how to
responsibly use a credit card things would be better. Heck, I
never had a credit card in college, and things went just fine.

The second thing I agree with is the explaining of all terms,
rates, etc in plain English which can be clearly read. It's
awful hard to be responsible and know what questions to ask if
you can't read what they are telling you.

For the most part, though, this legislation is another salvo in
this administration's relentless attacks on American business.
Credit card companies don't just issue plastic out of the
goodness of their hearts. They are in business to make money.
That's why they do the things they do. This administration
should be encouraging parents, most importantly, and the schools
to educate kids on how to handle credit responsibly. I didn't
get my first credit card until I'd worked for a year. This
helped me establish a bit of a credit history the card issuer
could go on. My father refused to co-sign for me to get a card
sooner. That's the way things should be. That's not where we're
headed with this administration I'm afraid.