Obama Makes Appeal to Credit Card Debtors ("Not your fault")

CNS News ^ | June 12, 2008 | Susan Jones

[2ndDivisionVet]

Whatever happened to personal responsibility and binding legal contracts? This guy is a Marxist, pure and simple!

[weegee]

Isn’t interest against Islamic law?

[Danae]

He’s pullin a Chavez already.

[BunnySlippers]

[Eric in the Ozarks]

It seems like I get two or three of these little come-ons every week from banks I've never heard of. I fill the little free postage envelopes with the stuff they send me and add newspaper clippings, Kleenex and anything else at hand...

[Allegra]

Personal responsibility has no place in the Obama agenda.

[Mamzelle]

While I wouldn't use OHB's stupid Marxist rhetoric--the Repubs have been at fault for writing laws that encourage lenders to lend to the uncreditworthy and then leave the government the job of acting as enforcer. An example of this was the special action to change the bankruptcy laws--one of the few last bulwarks against predatory lending.

Predatory lending is when a bank lends money to people that the bank has little reason to believe can repay the loan.

Person responsibility cuts two ways. The lender should be professional--should be moral.

The first time you drop off your naive freshman--who has no income to record!--on campus where there are rows of booths hawking easy credit, maybe you'll see what I'm talking about.

Responsibility goes both ways.

[traditional1]

Let's see:

Make me pay for your mortgage with my tax dollars, now I'll be paying for your credit card debt, too?

What a country !

[2banana]

When even SNL has a skit on people spending too much...you know nobody is going to take him seriously.

[visualops]

"You should pay the rate you signed up for. If the credit card company wants to raise that rate, you should be able to opt out of the agreement."

Actually one of my cards did just that, which I took advantage of and froze the account.

I do think there should be a cap on rates, some are ridiculous and I think unjustifiable.

[bamahead]

Mindless, vapid, populism.

The scary part is that Obama, coupled with this moronic congress, will act on it, and drive the banking industry completely into the ditch and interest rates will SOAR as a result.

[Boanarges]

“You should pay the rate you signed up for. If the credit card company wants to raise that rate, you should be able to opt out of the agreement.”

What a blooming idiot! Is he not aware of the contracts on back of all credit offers consumers receive and thereby agree to when they sign?

Obama is a dunce.

[VRWCmember]

I bet he would oppose restoring the tax deductibility of interest paid on credit cards and automobile loans.

[visualops]

I agree.

[RWB Patriot]

“He spoke mostly about personal credit card debt, which he views as a problem with a government solution.”

“The nine most terrifying words in the English language are “I’m from the government, and I’m here to help.””

[A.Hun]

This guy is a Marxist, pure and simple!

He is an idiot....in five years, low income Americans won't be able to get a credit card if you take the profit out of them.

Let's see what happens when a majority have to pay cash for big dollar items.

[WayneS]

B. Hussein is VERY good at the politics of victim-hood.

He may very well be elected Chancellor this November. Then his Ministry of Finance can get to work helping out the poor helpless folks who have been taken advantage of by the evil corporations in this country.

[WayneS]

I do not think he is a dunce.

I think he knows exactly what he is doing.

[wendy1946]

>Isn’t interest against Islamic law?

Charging those kinds of interest rates would have gotten you burned at the stake in any Christian country 400 years ago.

[Centurion2000]

Not that I'm EVER going to vote democrat or anything but on the GOP watch the CC industry bought and paid for a much more restrictive bankrupcty law under the guise of reform in Congress during Bush's term.

Bankruptcy and no debtor's prison were some very attractive things in the early USA that allowed people to come here and make a fresh start.