Had it not been for Donavan's complaint about credit card companies being able to change contract terms at will for any reason, a reasonable person might have wondered if he was a banking industry shill rather than some sort of consumer advocate. His concern over contract changes seems to indicate otherwise. But if Donavan really wants to be a consumer advocate I think he should pursue the legality of those contracts and take a good hard look at current bankruptcy laws instead of attempting to punish the prudent. If anything, Donavan should be encouraging those with balances to pay them off rather than punish those who do.
There is no need to punish the prudent anyway. After all credit card companies make a profit off card transactions by charging merchants a processing fee on every transaction. Enough is enough.
Sunday, January 28, 2007
From his post: