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Should the government regulate the credit card industry? Simply put no. They already regulate it through their (the credit card companies and the banks that own them) though their lobbyists. John Q. public can't compete with that.

Also there would have to be another committee, people to man it, studies and more...guess who would foot the bill for that?

It seems the banks have a legal way to do the business of loan sharking.

Some banks charge up to 28.49 percent interest if you are late paying any other bill, including utilities. Banks solicit you, you don't even need a job!

Some banks charge you after you have paid off your balance. Others if there is no activity for 6 months. Once a loan shark is paid off, you're done.

Banks change their rules anytime they want. They can alter their prime interest rates, sell you insurance in-case you get sick so that particular credit card gets paid off or almost paid off. You can also buy life insurance for a particular credit card. All of these specialized products cost, but they are conveniently added to your monthly payments!

If you are in truly dire straights there is always payday loan, expensive at 3 to 5 percent interest within a week or two. It's still expensive but better than a credit card.

Do we real need more paper trails, laws that are fresh only to be over turned and cause more confusion? We need to be accountable for our own spending. If there is no demand the supply will go down. So will the cost of the product. We need to regulate ourselves.

Learn more about this author, Paulette Redemske.
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