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Picking on Banks

Frank of Wilmington DE (12/20/04):
I am a subscriber to your weekly newsletter and encourage you to continue advising the consumer about those who would take advantage of us, BUT please stop criticizing credit card companies unless they are doing something illegal.

If state laws and federal laws permit the interest rates and mergers, who are you to criticize? No one is forcing the consumers to use the credit cards, or do business with the banks that issue them. I am not employed by any such bank, but do live in Delaware, so I see all the very generous and wonderful things which MBNA and other credit card banks, and their employees, do in and around our community.

It's pretty hard to speak kindly of companies that, through political clout and huge campaign donations, buy the legislation that enables them to charge 25.9% to people who are at the bottom of the economic ladder.

Those of us who are fortunate enough to have a few bucks should not turn our backs on those who don't. A few dollars thrown at charity does nothing to redeem corporations who have lost sight of ethics and common decency.

Frank again:
Thank you for your response. I hope that you will agree that the banks do not force we consumers to use their credit cards. Normally, all terms and conditions, including interest, late charges, fees, etc. are spelled out in advance by the banks. Granted, there are some consumers who fall on hard times due to illness, unexpected employment downsizing, etc., and deserve patience and understanding from the banks but the vast majority have no one to blame but themselves for any financial trouble they get into from using the cards and, in fact, are the ones who have lost sight of ethics and common decency by blaming the banks for their problems and refusing to accept the financial responsibilty and liability for their own (free will) actions in using the credit cards in the first place.

Once again, I am not directly or indirectly employed by these banks. I simply object to my cost of living in these areas being increased because of the bad debts of those consumers who have no legitmate excuse and should know better. I guess that we will have to "agree to disagree" on who the real bad guys are here.

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