It seems every day the State confiscates more and more freedoms once enjoyed by the individual. The latest freedom to fall victim is the ability to obtain credit. The Credit Card Act, signed into law last year, was supposed to prevent credit card companies from preying on young college kids – you know, sign up for a Visa and get a free T-shirt deal. In the age of entitlements, I suppose the college kids thought their new credit card bill would be footed by someone other than themselves. Nevertheless, the Fed is considering new rules to further clamp down on credit, and save us from ourselves.
The new and improved rule would require a borrower to qualify independently, regardless of household income. So, if Mary is a stay-at-home mom, she wouldn’t qualify for a new Gap charge card, even though her husband earns $250,000 annually. While many men may be secretly applauding the new rule, I think it stinks.
My decision to contract with a credit card company (or anyone else for that matter!) should not be predetermined by the Federal Reserve. This new rule trotted out by the Fed is just another great example of an overbearing State. And of course, the new rule is designed to further protect consumers. Really!? I’m afraid that unscrupulous lenders are becoming the least of our worries. We are entering an age where the State is regulating every facet of our lives, all in the name of “protection”. How long will we sit idly by as our freedoms and liberties are taken from us – all for our own good, of course?
Here’s the link to the Federal Reserve website should you desire to comment on the new rule. http://www.federalreserve.gov/generalinfo/foia/proposedregs.cfm
“It is seldom that liberty of any kind is lost all at once” ~ David Hume.