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Guest Column: Congress Should Pass ‘Credit Card Competition Act’
Rupal Patel: Current system is “neither fair nor sustainable.”
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I agree with Ms Patel. For all the good it will do, I will contact my Congressman and urge him to support this. Corporate greed never ceases to amaze me.
You don’t fix corporate greed (or most other problems) with legislation. There’s already competition among credit card processors and retailers can either offer products at a higher price or list a separate cash price and let consumers decide.
Actually you do fix corporate greed with legislation. What comes to mind first are Antitrust laws. And according to this well thought out and articulate letter, the two biggest credit card companies control 80 per cent of the market. Additionally, I’d be reluctant to raise prices for the consumer.
actually you do.
this is a good column. those fees are ludicrous and the highest in the world.
Regulate usury out of existence and forgive smaller debts like credit card loans after 7 years so there is a hard limitation on how much blood these leeches can suck from people.
More than just about morality, you need to hit them in the wallet if you want to put a limit on how much money they can burn to influence state and federal governments to rig the game in their favor.