Ramsey Solutions founder David Ramsey addresses skyrocketing consumer credit card debt on 'Cavuto: Coast to Coast.'Fast-forward 12 years and the Big Box lobbyists and their leftist champions are at it again – this time pushing to expand the 2010 debit regulations to credit cards.
The deceptively named Credit Card Competition Act purports to increase competition in the credit card industry. In reality, it would do just the opposite. For one, it would effectively eliminate consumer choice by allowing retail chains to route their customers’ transactions over the cheapest credit card network regardless of security capabilities or rewards offerings.
The result would be an almost guaranteed increase in credit card fraud, a nightmare for consumers and community banks alike. And the rewards consumers love and rely on for everything from cash back to travel perks? Gone. The vast majority of the interchange revenue banks take in goes back into the pockets of consumers in the form of rewards, so curtailing this revenue would almost certainly spell the end of rewards programs as we know them.
What Senator Durbin conveniently forgets is when a consumer on Main Street experiences a fraud on his/her bank account from a purchase made at a big box retailer, the consumer does not call the retailer to fix the fraud and have the funds re-deposited into their account. The bank is the one who will restore the funds to the consumer, not the big box retailer.
Never forget that they HATE you.
Maybe he should focus on credit card finance percentages.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Gizmodo - 🏆 556. / 51 Read more »