I was typing up an explanation of how your proposed fixed interest scheme will result in higher rates and/or lower credit limits than are currently used/available, even for responsible credit users. But I realized, given how these discussions have gone between us in the past, you probably wouldn't accept the analysis and argument since I don't have a PhD in economics. So I nuke it and leave you with this:
I'm not sure I get your point here Paul?? I don't require a PHD...What I do require is a logical argument. As far as a fixed interest rate, YES.....I will not compromise on that point. If I sign a contract to buy a car for $20,000.00, I expect that price to be FIXED after we sign the purchase & sales agreement & not for the dealer to be able to later change the terms of the contract at their whim. I also expect a clear contract that is not designed to "Trick" me with legal BS designed to deceive. If the only way a CC Company can provide lower rates is through deception, I'll gladly pay the higher rate & not be deceived.
I think you & I just have very different views on government's legitimate role in our society & that you appear to believe that anything should go & that the Free Market will always work out best. (this should come as no surprise as you come from a business background & I come from a federal law enforcement one......You are a player & I am a Field Judge!
) What's going on with our economy shows that your way (& GW Bush's) does not work......RULES are needed for any society to work & an impartial umpire(government) is needed to uphold the rules.
How well would an NFL game go if their were no Officials to uphold the rules? Well, for the last 8 years, GW Bush's team has had the ball & not allowed any officials on the field to uphold the rules.....& look where we are! ( Coach GW Bush has insisted on 5 or even 6 downs per possession...The other team gets one ...... His players can get up, after being tackled, & continue running for a TD/ The other team is not allowed to run at all...just walk swiftly.......His team gets unlimited time outs & the opposing team gets none)
Get my point? Rules (Legitimate oversight) plays a very important role in our society & business cannot be allowed to play the game without rules any more.