he government should not regulate the credit card industry, because every time they start regulating, prices go up.
Each time the government steps in to regulate, consumer prices quickly increase. Let the free market regulate industry. Any unethical company is shunned by consumers. At the same time, credit card issuers are in business to make a profit. High risk credit card holders reduce the issuer's profit. If high risk users want to use credit cards, it is fair that they be required to pay more. In the insurance industry, drivers convicted of drunk driving must pay higher premiums, while smokers pay higher life insurance premiums. Let the deadbeats pay higher credit card interest rates.
's more than just cards, it's the industry as a whole
CC companies basically restrict all the ways for you to earn credit to only giving them money in interest. If I pay off my debts, that should show I have good credit and am trustworthy. The market is not regulating itself beyond coming up with figures for maximum profit without completely shunning consumers. And there is no choice in the matter for consumers because all 3 companies run the same. Why should my credit suffer if I want to shop around for a credit card, even if I'm keeping the ones I have? Why should I be hurt for looking for a loan from several providers? There are ways around exposing yourself to credit backlash, but it's nearly impossible for the
Companies intent on deceitful practices will always find a way to do those. For business at large the less regulation there is the more the economy will thrive.
Economics show us that the more open and unregulated a market is, the more money will be spent on investment in it and the better it will thrive. History has also shown that unpopular products won't last so if consumers avoid using credit cards that use unethical rate plans, those cards will eventually leave the market.average person to stay on top of it all. I have excellent credit but just because I can play the game doesn't mean I like the rules.
