If you compare what the card industry looked like 20 years ago to how it looks today, you’ll be astonished at how much better a deal consumers are lately getting. And government regulation isn’t what drove the improvement; free-market innovation and competition, did. Twenty years ago, all consumers paid the same interest rate—and it wasn’t low (19.8%).
Thomas Brown, a financial columnist, disparages the idea of credit card reform. From Bankstocks.com, “Chris Dodd’s Credit Card Bill Will Help Consumers? Don’t Count On It”, by Thomas Brown.
Friday, May 1, 2009
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