Proposed Credit Card Laws Promote Mediocrity

Obama wants new credit card legislation that protects the consumer from the fine print. The fine print that shows the hidden fees and interest rate hikes. Unfortunately, this bill will probably pass with both Republican and Democrat support and is nothing more than another government power grab in the private sector. What’s worse is that this legislation will only encourage people to live beyond their financial means. Credit card documents are no less confusing than any monetary document Americans will sign throughout their lives. Investment documents such as mutual funds have complicated documents called prospectuses. A prospectus tells everything about the fund from what it can invest in to operating fees and loads. A mortgage document has information about fees for missing payments and so forth. Yes, the documents can be complicated and confusing, but everything a lawyer writes is confusing and complicated. The lawyers that wrote my patent disclosures did it in such a way I could not tell what I invented. It is a fact of life. Either we can get rid of lawyers or we are going to have to start writing legislation for not only credit cards, but mortgage and investment documents as well. Where does it stop? It doesn’t stop until everything a lawyer writes is governed by federal law. Democrats have this common theme that corporations are out to get the consumer and the consumer has no responsibility in their contractual agreements. I heard Obama use the word “tricked” a lot on the campaign trail. He said consumers had been tricked by credit card and mortgage companies. I can guarantee you that the 90% of these “tricked” consumers did not read their contractual documents or asked a single question. I do not understand what the government expects to accomplish by catering these laws to ignorant and intellectually challenged Americans other than mediocrity. How does this legislation make Americans more responsible? Does this legislation teach people to be fiscally responsible and not to spend money they do not have? How does this legislation force Americans to learn to read and do simple math to understand their monetary and financial situation? It does not, these types of laws only say it is okay if you are stupid and do not read or understand your financial contracts, the government will bail you out and save you. I have said all along if you are ignorant and stupid, vote for a liberal to think and take care of you. This is why our government is growing beyond our wildest dreams under Obama. Many Americans want big government for assistance and handouts. It is getting ridiculous and is definitely a sad situation. Here are a few steps that people should follow and they would avoid paying fees and rate hikes:


  1. Read your financial document and contract and ask questions if you do not understand anything! Do not sign anything until you completely understand the document. If the financial person cannot answer your questions do not sign with the company. Do not be afraid to seek the advice of a friend or a neutral party to understand the document.  
  2. Pay off your credit card every month and you will never pay a fee let only any interest. In other words, do not spend money you do not have. If the credit card company tries to change the rules on you, shred the card and be done with them. If you have a zero balance every month you control your financial freedom, not the creditor.
  3. Every person should only have one credit card. The least number of credit cards you own, the easier it is track and manage your personal finances. You do not need to have a separate credit card for every store you shop.
  4. If you cannot follow the three easy steps outlined above, then do not use a credit card, pay with cash. When you pay with cash you cannot overspend.


I have never had a problem with credit card fees or rate hikes. I have never had a problem with my mortgage contracts. I have never had a problem with any of my investment contracts. Why? I read the documents and asked questions until I understood the documents. I pay my bills on time every month and the creditors leave me alone. It is that simple.


The new credit card laws do not teach Americans proper etiquette or responsibility when dealing with their financial situation. Instead, they teach Americans if we are stupid and screw up the government will be here to bail us out. It is a common theme in America today to blame everyone else for our problems and accept no responsibility for our situation. In other words, it is the Theory of Mediocrity at work forcing the intelligence of Americans to continue to decline until we have the government to take care of all of us. Say goodbye to the American Dream and capitalism. At this point we could even say goodbye to socialism and say hello to communism since the government will officially rule our entire lives. And finally, I would like to point out the proposed credit card laws are yet another form of Obama hypocrisy at work. After all, Obama is one of those lawyers that has written confusing and small print jargon in his career as a legislator. Obama is writing legislation based on “biased empathy” and off course ignores the root cause of the problem. Obama’s believes laws should be written on empathy, but his views are once again hypocritical since his empathy views are biased towards individuals and minority groups. You will see no empathy towards the struggling small business owner. Under liberal law small business owners are evil and the enemy.  

Blog Site: http://patrickbohan.blogtownhall.com/

My Book: Is American Dying? (Amazon.com, Barnes and Noble)