Credit Card Debt Trap #2
By Mike Wayman
If you’ve saw the last post about credit card debt traps you’ll understand how easy it is for credit card companies to take hold of you financially and absolutely ruin your credit and your pocketbook. This series is dedicated to exposing some of the most common debt traps so that consumers can avoid paying thousands of dollars in interest payments to their creditors and also avoid bad credit.
Understanding the modus operandi of the major credit companies is one of the first steps in avoiding credit card debt traps and avoiding bad credit. The real problem is that most people don’t know they’ve been scammed until it’s too late. You can avoid credit debt traps but some people may need help or advice. Call us any time if you need help with a credit debt trap or if you want to know if you can get some of the bad credit removed from your credit report due to a debt trap.
President Obama Announces Sweeping Regulatory Reform
June 19, 2009
By Mike Wayman
In an effort to protect American Consumers from future financial collapse, the President has recently announced regulatory reform that seeks to protect consumers from the abuses experienced in the last ten years. Most of the reform centers on the mortgage industry.
The reform includes the creation of an independent agency to regulate consumer credit of all forms designed to protect the consumer from the abuse of lenders of all types. All banks and non-banking institutions that offer credit will fall under the regulatory power of the new agency.
While consumer groups, in general, are very pleased with the new announcement, lobbyists from the banking and financial services sectors are up in arms. While it’s understandable that bankers and lenders would be upset by further regulation, consumer groups argue that the abuses of the last ten years call for more consumer protection.
In my mind the real question is whether or not expanding government to protect individuals from corporations will actually make a meaningful difference. When it comes to sweeping regulatory change, many people will make off the cuff remarks about their thoughts, feelings and opinions regarding the expansion of government. Personally, I have a more “wait and see” attitude. Let’s see what this new government agency is able to do first and then pass judgment later.
