Comments on: Push to Expedite Credit Card Reforms Gains Momentum http://washingtonindependent.com/64762/push-to-expedite-credit-card-reforms-gains-momentum National News in Context Sun, 04 Mar 2012 13:30:47 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: scrougeinorlando http://washingtonindependent.com/64762/push-to-expedite-credit-card-reforms-gains-momentum/comment-page-1#comment-95629 scrougeinorlando Tue, 27 Oct 2009 00:07:19 +0000 http://washingtonindependent.com/?p=64762#comment-95629 Too much government control. We are turning the US into a nanny state. If people are careless enough to charge without reading the fine print, then they deserve to get into trouble. Why make it easier for misusers of credit to charge more at lower rates? They will still have trouble repaying the money redgardless. Too much government control. We are turning the US into a nanny state. If people are careless enough to charge without reading the fine print, then they deserve to get into trouble. Why make it easier for misusers of credit to charge more at lower rates? They will still have trouble repaying the money redgardless.

]]> By: brianjdonovan http://washingtonindependent.com/64762/push-to-expedite-credit-card-reforms-gains-momentum/comment-page-1#comment-93914 brianjdonovan Fri, 23 Oct 2009 16:26:13 +0000 http://washingtonindependent.com/?p=64762#comment-93914 The average interchange fee in the U.S. is seven times the interchange fee set by Visa and MasterCard in countries throughout the rest of the world. Using 2008 figures, if the interchange fee charged by credit card issuers was decreased (via comprehensive credit card reform legislation) from the current 2.10% to 0.60%, the result would be an annual savings of approximately $34.3 billion for U.S. merchants and consumers. Credit card issuers could retain 0.3% as a processing fee, the remaining 0.3% could be a "tax" used to fund a Natural Disaster Trust Fund (NDTF). In 2008, this would have generated $6.86 billion in funding for a NDTF. <br><br>Let's be clear. The interchange fee is a hidden tax, just not a tax subject to political control or for which there is any discernible social benefit. Decreasing, and imposing a transparent tax on, the interchange fee would have the same stimulus effect of a tax break, but without an impact on the federal budget.<br><br>The following article discusses how comprehensive, standardized, simplified, and transparent credit card reform legislation may fund a Natural Disaster Trust Fund.<br><br><a href="http://www.givemebackmycredit.com/blog/2009/10/credit-card-reforms-could-save.html" rel="nofollow">http://www.givemebackmycredit.com/blog/2009/10/...</a> The average interchange fee in the U.S. is seven times the interchange fee set by Visa and MasterCard in countries throughout the rest of the world. Using 2008 figures, if the interchange fee charged by credit card issuers was decreased (via comprehensive credit card reform legislation) from the current 2.10% to 0.60%, the result would be an annual savings of approximately $34.3 billion for U.S. merchants and consumers. Credit card issuers could retain 0.3% as a processing fee, the remaining 0.3% could be a “tax” used to fund a Natural Disaster Trust Fund (NDTF). In 2008, this would have generated $6.86 billion in funding for a NDTF.

Let's be clear. The interchange fee is a hidden tax, just not a tax subject to political control or for which there is any discernible social benefit. Decreasing, and imposing a transparent tax on, the interchange fee would have the same stimulus effect of a tax break, but without an impact on the federal budget.

The following article discusses how comprehensive, standardized, simplified, and transparent credit card reform legislation may fund a Natural Disaster Trust Fund.

http://www.givemebackmycredit.com/blog/2009/10/…

]]> By: rcplumbley http://washingtonindependent.com/64762/push-to-expedite-credit-card-reforms-gains-momentum/comment-page-1#comment-93867 rcplumbley Fri, 23 Oct 2009 09:23:41 +0000 http://washingtonindependent.com/?p=64762#comment-93867 Just when I think that the shameless acts of greed can’t get worse the latter day robber barons send in their puppets to act out a shame debate. If the lawmakers actually wanted to protect the public from evil predatory tactics they could have done so with a simple act to temporarily stop the naked consumer abuse and engaged in an honest search for truth and fairness. Sadly it seems that truth and fairness is no longer the gold standard of how to treat each other. It seems that greed and deception is the new morality. Obviously the credit card industry will get (BUY) their way and with a little effort they can and will damage or destroy a few hundred thousand more lives before February 2010. My opinion does end on a pleasant thought though. This kind of human vermin does have a special place in hell waiting for them. With a little luck they might even get to ask Ken Lay how much pleasure did his blood money provide. Just when I think that the shameless acts of greed can’t get worse the latter day robber barons send in their puppets to act out a shame debate. If the lawmakers actually wanted to protect the public from evil predatory tactics they could have done so with a simple act to temporarily stop the naked consumer abuse and engaged in an honest search for truth and fairness. Sadly it seems that truth and fairness is no longer the gold standard of how to treat each other. It seems that greed and deception is the new morality. Obviously the credit card industry will get (BUY) their way and with a little effort they can and will damage or destroy a few hundred thousand more lives before February 2010. My opinion does end on a pleasant thought though. This kind of human vermin does have a special place in hell waiting for them. With a little luck they might even get to ask Ken Lay how much pleasure did his blood money provide.

]]> By: Tweets that mention Push to Expedite Credit Card Reforms Gains Momentum « The Washington Independent -- Topsy.com http://washingtonindependent.com/64762/push-to-expedite-credit-card-reforms-gains-momentum/comment-page-1#comment-93553 Tweets that mention Push to Expedite Credit Card Reforms Gains Momentum « The Washington Independent -- Topsy.com Thu, 22 Oct 2009 15:57:47 +0000 http://washingtonindependent.com/?p=64762#comment-93553 [...] This post was mentioned on Twitter by WashIndependent, TMC Member Feed. TMC Member Feed said: Wash. Independent: Push to Expedite Credit Card Reforms Gains Momentum: Democrats on Capitol .. http://bit.ly/ZxJKh [...] [...] This post was mentioned on Twitter by WashIndependent, TMC Member Feed. TMC Member Feed said: Wash. Independent: Push to Expedite Credit Card Reforms Gains Momentum: Democrats on Capitol .. http://bit.ly/ZxJKh [...]

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