What Happened to Bad Credit Cards
Democrats Removed Our Right To Prayer In School And Now Strip Us Of Credit Cards. Here's what happened to bad credit cards.
No mistake about it... American's love their credit cards. And why not? It's a great tool. It makes bill payments more convenient and offers financial security whenever cash funds are short. Blippy; a new website that let's people voluntarily disclose how much they love their credit cards, recorded $1 million in transactions after the very first day of opening its doors to the public.
Yes, a credit card's power can be abused but that's not the fault of the credit card issuer. Unfortunately, Democrats feel as though they are better capable of managing a budget than the common American. Hard to believe but it's true. Democrats; who cannot balance a budget and are driving the U.S. debt to apocolyptic proportions, think they are financially wiser than you and I.
Thanks to Democrats and their inane legislation, this was a year of credit card interest rake hikes, credit limit cuts and higher monthly minimum payments.
These days; again thanks to Democrats, many people cannot even qualify for an unsecured credit card with a high limit, and those who can are having to pay higher rates.
Here's how the mess began:
Recall the subprime crisis, when banks failed and had to be bailed out because they had loaned money to high risk people. Many of those banks did not want to issue loans to high risk people but; due to Democrat legislation, they were forced to. Democrats said that if a bank approved savings accounts for high risk people, then they were also fit enough to lend money to. Not very sound judgement. That's why the ARM loans were created, because it was the only way to make a mortgage affordable to people who wanted to buy more home than they could actually afford.
So there's the FIRST mistake made by Democrats.
That mistake forced credit card issuers to offset potential losses caused by high risk people defaulting on their balances, by raising interest rates and reducing limits on those accounts. This response then led to Democrat mistake number TWO: They passed legislation that forbid issuers from raising rates and lowering limits on delinquent accounts. This; of course, led to issuers having to charge just about everyone, good or bad credit, higher interest rates and granting lower limits. It was the only recourse they had to protect against financial losses so they; too, would not fail or need to be bailed out due to Democrat laws that restrict a free market.
So what are we to surmise from all this? We are led to choose from two conclusions:
1) Democrats are ignorant and cannot grasp; or do not desire, a free market; or
2) Democrats are well aware of the results of their actions, because their goal is to strip credit cards from Americans whom they believe are incapable of managing unsecured credit, yet meanwhile want to appear to be crusaders.
The Democrat agenda is very clear, as Democrat nominated Supreme Court Justice Sotomeyer claimed that she could make decisions better than any white man. Wonder how she feels about white women? Or what about Black Men? Black Women? Or American Indians? Or Irish Americans? And the list goes on. Democrats are so arrogant that they believe they can run this country; and your life, better than the average citizen.
Goodbye 'government of the people, by the people, for the people'.
By the way, do you know who voiced that well-known phrase? A Republican - Abrahan Lincoln.
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