Hillary Clinton’s Solution to the Credit Problems in America

First, let me state that the problem with the credit industry in America is politicians. Politicians in the name of campaign support have protected this industry and allowed a huge problem to occur. There is very little Federal regulation of credit card companies.

So now that Hillary is running for President, she is concerned about fixing this problem. She never seemed to be concerned while she was serving as a Senator.

Now some of her colleagues have some great legislation on the table that should be passed. This Fair Credit for Families Agenda is a joke. This is what concerns me about the Clintons. They are blatantly political and offer nothing but political sound bites that don’t solve anything.

Here is her latest solution for credit industry reform:

· Cap penalty interest rates at 30% - Well Senator Clinton, that is just about where most penalty rates are right now. Capping them at 30% does nothing for the American consumer and still protects the credit industry.
· Prevent card companies from unfairly increasing interest rates – In order to do this, politicians would be forced to write legislation that at the end of the day, they just will not write. The only way to solve that problem is to forbid a company to raise rates unless the card holder was late two times or more. Even then, there should be some restrictions. If you take away the universal default clause, they find other creative ways to raise rates.
· Credit card companies cannot raise your interest rate without your affirmative written consent – I really cannot make this stuff up.

“Hillary will require lenders to obtain written consent from a borrower before any rate increases or change in terms become effective.” So, if I don’t want a credit card company to raise my rates, I will just write them and tell them “don’t do that!” or just refuse to agree to it. What did she say?

We need a real leader to stand up and stop the abuse. I only write these blogs about her press releases so that you get the real information. These sound bites are nothing more than political banter. Please don’t elect four years of this sort of thing.

Please give us a real leader to vote for!

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