After years of complaints about abusive practices that trap borrowers in an endless debt cycle, federal and state officials are shining light on the most controversial practices and preparing changes that would make card companies’ policies more consumer-friendly. The fight between consumer advocates and the banks that issue credit cards has been simmering for decades.
I used to be surprised how badly the banks would treat customers and how little the government would do to prohibit abuse by banks and the like (those companies that pay the politicians huge amounts of money). However, I have seen how bad things have to get before the payoffs can’t prevent massive abuses from at least getting a decent hearing. But I also have learned you shouldn’t believe sensible legislation will pass if it, in any way, could be negative toward those paying large sums to politicians. It can happen but money the influence of payments is huge (which is pretty obvious and not at all surprising to anyone). Without factoring in huge payments it is hard to understand what is going on in Washington. If instead you look at who paid politicians and then see how they vote it is pretty clear why such abuse is allowed to continue for years.