[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.

[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.

[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.

[steve-b]

You can argue theory all you want, but as long as there are true accounts of credit card issuers jacking up somebody’s interest rate from 8% to 38% because their water-bill payment got lost in the mail (the technical term is “universal default clause”), this is simply not a hill that any sane Republican candidate (or even Grandpa John) should consider charging (pardon the pun).

[popdonnelly]

This is ridiculous. All Obama is doing is encouraging increased debt and consuption. If I run up a big bill on my credit card, it’s not my fault?

[Right Cal Gal]

they're falling into debt because credit card companies are forcing them into it.

Yes!! Home Depot came to my house, put a GUN to my head, and said "sign here..." The days are gone when credit card companies can simply send you a card (remember those), and once you used it, it constituted your agreement. Now you receive an offer and either you decide to take it or you don't. Most of those "offers" you get in the mail are for low-balance cards with a "yearly fee" of upwards of 20% of the balance. Capital One, for instance, sends me an offer on the average of twice a week for some reason.

[Lumper20]

I agree. How hard is it to pay your bills on time?

How does one justify spending and spending beyond their means?

Who held a gun to anyone’s head and made them apply for a credit card?

Who told anyone to use a credit card as cash was worthless?

Victims my fanny.