What I'd like to see added would be verbage to the following effects:
- Interest rates for all consumer credit to be capped at 14.9%.
Credit companies complain they can't make a profit at that level which proves their corporations are nothing but bloated inefficient "burro-cracies" (bureaucracies) and need to be trimmed back to a level which better serves their stockholders, investors and debtors.
- Restoration of laws prohibiting usury
Ever since usury was repealed, the consumer credit user has been the proverbial "fish in the barrel": easy picking and ripe to be plucked.
- Restore the deductibility of interest on consumer credit. This must include auto loans, student loans and any loans extended to pay for healthcare expenses not covered by insurance.
This serves everyone's best interest, except, of course, the "gummint". It fixes the complaints that creditors can't live on less than 15%, it stimulates spending - and let's face it: this economy could do with a whole bunch of stimulating! - and makes credit affordable while making healthcare possible (currently, it's only barely possible).
Y'know, the (political reference removed by admin) fat-cats need to remember one thing: if they're going to eliminate the middle class, they had BLOODY well better make credit affordable to "the poor" (everyone other than themselves; i.e., the remaining 99% of the U.S. population) lest the remains of the economy collapse in a heap of dust on the floor.
ETA: Welcome to the FICO Forums, Beney! We appreciate your contributions to this discussion. As a new member, you're probably not aware that we have a strict policy about staying away from politics in order to respect all of our various points of view as much as possible. I understand that's not always easy to do with a topic like this, so one place we draw the line is when it becomes partisan. In this situation, let's assume that there are plenty of "fat cats" in both of the major parties to go around, so there's no need to single out one political party to make your point. Hope that makes sense. Thanks again for posting! -Barry
I totally agree with your concerns, and when the U.S. becomes a non-partisan political system, I'll be happy to oblige.
Until then, we must respect the citizens' rights under the First Amendment and allow disparate viewpoints to be expressed without censorship.
My apolgies for being so blunt. However, that IS the law of the land in this country, and we are ALL expected to abide by it.
Banks will figure out creative ways to get their money within or around the new law. There are some good intentions in the law, but too much of it was put into the hands of bureaucrats to determine what the regulations will actually say, rather than coding it into the law so it would have less subjectivity of interpretation.
In the long run its major benefit will probably be a small reduction in unemployment as all the new bureaucrats are hired to flesh it out. Whooops! That'll require higher taxes to pay them.
Of all the people on the planet, why in the world would we Trust anything that these two buffoons would offer to the Taxpayers!
Wasn't it Fannie Mae & Freddie Mac that essentially caused the Mortgage bubble to burst???
And wern't these the two that had primary oversight and denied there was a problem in this area???
And weren't there special rates offered to Chris Dodd??? And didn't he not even know he received preferential rates???
Yeah, I feel REALLY good about this bill! I'm not a bit worried about the other 2,000 pages.
I think that the Dodd/Frank Act should have had a mechanism for establishing some sort of ceiling on interest rates for consumer loans. (Such as 6% above the prime rate!)
I do believe that if Dodd and frank would regulate their financial behaviors more closely that our country wouldn't be broke however
just like a pack of roaches.. They go where the big pile of cash is and where people honestly can make an extra buck they take the incentives away..
And for them there are no limits to what they can do... Its really sad.
America is capitalistic.. You earn it legally legitimate without hurting others and they go after you still.
They take the profits of the American people and literally piss on it and then turn around and tell us how to use our money..
People in businesses do not print their money and where one company makes a deal to pay commission based on consumers high interest there is another lender that may not play the same way.. We are not a darn collective.. And if anyone likes that they can move to china or Cuba or one of those extremely screwed up countries.
I fear for us all they day that government thinks that they are so smart as to interfere with the private sector why don't they try to improve government and tweak their own rules.. The point is that they don't have money.. They're running out of ours and now want to know where every single cent is..
I wish we could know where every single cent they spend for things then we would all be mad and tell them to leave us the hell alone.
It does not go far enough to protect us.!!!! We should not have to pay for something that is keeping us from getting a loan period. So much red tape. It makes me sick!
These are the same wacko's that think we can "BORROW OUR WAY OUT OF DEBT!!!!!! PLEEEEEEEEEEEEEEEAAAAAAAAAAASSSSSSSSSSSSEEEEEEEEEEE
John I agree with you!!! It is all about money and that is the bottom line. How in the heck can we the citizen manipulate our scores. That is ridiculous!!!! Some politician trying to play God as usual!!!