Obama and Congress Attempting Credit Card Fraud

The headline reads Obama makes push for credit card legislation, and from within the article one can read the following words from the mouth of Obama.

“Americans know that they have a responsibility to live within their means and pay what they owe,”...“But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all-too common.”...“I’m calling on Congress ... to pass a credit card reform bill that protects American consumers so that I can sign it into law by Memorial Day,”...“There is no time for delay. We need a durable and successful flow of credit in our economy, but we can’t tolerate profits that depend upon misleading working families. Those days are over.”

According to Obama’s words, above, credit card companies are committing fraud.  Specifically, when Obama states that Americans have a “Right to not get ripped off by the sudden rate hike, unfair penalties and hidden fees,”  and when Obama states “we can’t tolerate profits that depend upon misleading working families,” he is making fraudulent statements.

Fraud is defined, see link above, as,

1 a: deceit, trickery ; specifically : intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right b: an act of deceiving or misrepresenting,

and as quoted above, Obama is attempting to perpetrate a fraud on Americans, to the detriment of private business, in this case the credit card companies.

When individuals apply for a credit card, current legislation already requires a raft of disclosures be given to credit card applicants.  Within those credit card disclosures, are listed all the penalties credit card users may be subjected to if they do not comply with the terms of use, in other words if credit card users do not pay their credit card bills on time they are fully aware that there are repercussions.  The penalties, fees, and rate “hikes” for not complying with the credit cards terms of use are all fully disclosed, but mostly willfully ignored.  The fees for not paying on time are not hidden, the “sudden” rate “hikes” are not sprung, surprise, for not paying on time, nor are the penalties for not paying on time undisclosed or unfair, and Obama’s intimating that fees are “unfair,” that rate “hikes” are “sudden,” and fees are “hidden” is misrepresentation and deceit.

If American individuals do not want to contend with rate hikes, fees, and penalties for not paying their credit card bills as agreed, they should do one of two things.  They should either pay their credit card bills on time, or not use them at all to fund a lifestyle they quite evidently cannot afford.

Posted by .(JavaScript must be enabled to view this email address) on 05/10 at 07:46 AM

Name:

Email:

Location:

URL:

Smileys

Remember my personal information

Notify me of follow-up comments?

Submit the word you see below:


Next entry: Eroding Individual Privacy and Freedom, Bit by Bit

Previous entry: Double Oops

<< Back to main