Time to Regulate Credit Cards and Credit Card advertisements

[SeaNap05]

It is time for the American people to wake up when it comes to credit card debt. Advertisement should be more restricted to the consumer. To many people and families become sunk in credit card debt owing thousands. Advertisements should not lead people to believe that a credit card is free money for awhile. This kind of consumer debt hurts the Middle Class. Credit Card mailers should cease to exist. You can use the internet or your bank to get a card, why are these offers being sent to people on a daily bases.

The bank lobby is strong, however, families and individuals are being ruined by these lending practices. It is time that Congress look into this matter, it is hurting millions.

[Seansky]

1. I wish this would really happen. The companies behind it

are so enourmous and powerful and working together in so many ways (i.e. the largest company that processes the transactions behind the scenes offers the svc. to the bigger card providers) that it even goes beyond US...Anyway, I really, really wish Americans, individually, understood the problem well. Seeing the stats of bankruptcy by young people, education about the card issue is still the number one need, seems to me.

[SeaNap05]

3. Education begins with the advertisements

Young people are getting into trouble by understanding the advertisements as their formal education to the cards. That is where the real problem starts.

Why hasn't anyone made a peep on trying to look at this problem closer? It is a problem for the majority of people who are in debt.

Having less money being owed to banks and more money circulating in the national economy makes more economic sense for me. Paying that interst could be buying milk, dinner, a car or even a home. It is not like I'm asking to have my interest lowered from 12% to 9%. The American public gets fed misinformation and it leads to consequences and that is our enormous consumer debt.

[Seansky]

6. Tell me about it. I managed to get my closest friends understand this

and we have been working so now we no debt besides mortgage and have only one card that we pay everyone and avoid using if we won't have the cash to pay it before cycle end. But man, that is constant work to say no to things and buy only the needed things or buy them used.

Anyway, i volunteer tons including to an org. trying to educate young people about finances. It's the most difficult msg. to convey since everyone wants to have good things and keep up with the Johnson's. Also, as a former employee of one of the MSM network, I can tell you that eliminated that kind of ads is virtually impossible, particularly now that the traditional media industry and networks are hurting for revenue.

Sorry about the long msg. But with my volunteer job and my own experience the education is very complex on this subject. The way I convinced my adult friends was as follow (this is obviously for people that can't make end meets at all) You have no idea how hard this little exercise was for some of them:

1. Learn your behaviors: Spend 30 days with a daily goal of NO SPENDING, let's say, $2. Every day, you have to find a way no to spend it. This should enable you to observe your behavior about your spending and hopefully recognize that at times the Starbucks coffee is taking more than what you could afford.

2. Learn that saving is possible: Spend the next 30 days with a daily goal of SAVING, physically put in a jar or so, the amount of money you avoided spending the previous month, let's say the daily $2.

3. Prioritize your dreams: Spend the next 30 days writing down every singe dream you have about owning things or enjoying things. At the end of that month separate those into a column of those that will cost money (i.e. a new car) versus the long-term dreams (i.e. such as retiring early or putting kids thru college). After your soul search, eliminate those you'll never accomplish so you can get rid of some of the weight we carry about false dreams. And narrow your goals so you understand what kind of money you really need and create a plan to get to it...

Not easy at all, is it?

[newscott]

2. The time is long past overdue on this issue

Sometimes people need to be protected from the temptation that these userers dangle in front of them. It's a shame that we've let them run crazy for decades now.

[NVMojo]

4. Talk to Reid about it, he owns stock in Citigroup and led the Dem charge

for the bankruptcy bill ...not hard to figure out...

[msongs]

5. credit card companies = delaware = biden nt

[Humor_In_Cuneiform]

7. Links to tips on reducing junk mail, like credit card solicitations

http://www.junkmailstopper.com/

http://www.obviously.com/junkmail/

I have done some of these things. But recently sent about 10 of those prepaid envelopes back with their own propaganda in them.

NOW, the flood of cc offers seems to really be slowing.

It doesn't solve the larger problem, but it helps to get them out of your hair, which frees up some time and energy.