Lawmakers take aim to clean up credit card industry? Who will win - consumer or special interests?
- Whenever it comes to the credit industry, the consumer ALWAYS loses. The primitive scoring algorithm designed by Fair Isaac & Company ought to have been scraped years ago. The problem is that two replacement scoring models were such abysmal failures during testing, that they were never implemented. Had they been implemented, they would have seriously damaged the economy. b One thing for certain, EVERYTHING that the government injects itself into becomes less efficient, far more costly, and more easily prone to fraud. / b. For more rants about the idiocy of credit scoring go to my credit site and scroll to the bottom of this page. MechanixOfCredit.info / pages / MC_reasons.html
- The man he alway, s wins
- I certainly hope special interest does. I am one of them. I hate having my credit card interest go up because people can not control their credit spending. The bankruptcy law need to be tightened
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- Hi, AChoi. I hope the CONSUMER wins. Interest rates as set by the Fed have gone down - down - down. Yet credit card interest can be as high as 29 percent. Interestingly, all states I think all have usury laws. For instance, here in IL, if I loan you USD 500, I can not charge more than, I think, it is 11 percent. BANKS are exempt from these usury laws. The poor consumers who need the credit the most are the most penalized. It is a crime that we had legislative hearings for MONTHS about s in baseball, while credit card companies leech off those who can least afford it. it is a CRIME!
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Knowledge Base: Credit Cards
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Knowledge Base: Student Credit Card
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