Credit cards - What went wrong?

[Eddie Ziv]

Today, (8/20/09) the first phase of Credit Card Accountability, Responsibility and Disclosure (CARD) Act is being enforced which makes me wonder. In such a perfect capitalistic economy where competition suppose to weed out bad behavior and practices, we witness the government acting to control the whole industry. In another thread Josh Dorkin asked who's credit line has been cut or closed. We all find ourselves complaining about the credit card companies' fees and "unfair" practice. Do we really need to use them. Is Dave Ramsey on to something? Or maybe something is "imperfect" with Capitalism?

[Karen Parker]

Did you post this here for me? lol! What went wrong was the government interference from the very start. Yes, in a purely Capitalistic society those company's can charge what ever predatory rates they want. The consumer also has the choice of whether or not to pay those crazy rates. And when their greed has reached the point where people no longer pay those rates or as is the case have pushed them to the point they can no longer pay, the company is out of income and out of business as many are right now and many more should have been left to be in a free market correction.