Tuesday, November 01, 2005
Weller should protect consumers not bankers
Oct. 31's front page story in the Kankakee Daily Journal http://www.daily-journal.com/, Card Sharks shed light on the predatory practices of the credit card industry by offering college students credit cards. The card marketed has a Platinum, has a $250.00 limit and starts off with $178.00 in fees just for getting one. Look very close, it's all there in the .05 point print, I'm sure.
The Journal contacted Rep. Jerry Weller regarding these lending practices. Not surprisingly, Weller's answer showed little concern for his 11th district colleges or their students.
Weller states that there has been no legislation introduced in the House for regulation in the House Financial Services Committee. Well maybe not there, but if you were paying attention to the very heated debate over the Bankruptcy legislation that overwhelmingly favored the lending institutions, you know that there were plenty of amendments offered that would have stopped the very kind of thing, (stopping scheming lenders) the article talks about. All of them voted down by the Republicans.
Mr. Weller puts the responsibility solely on the young college student or less aware consumer, leaving the predatory lenders to run amok with their junk mail marketing schemes taking advantage of people.
To his credit, Mr. Weller "believes that improving student's and others' awareness about how credit companies operate is preferred..", yet when this solution was brought as an amendment to the bankruptcy legislation debate, so the lenders had to be more accountable, he voted NO!
So I ask you Mr. Weller, if you don't believe the lending and banking industry should inform potential customers about how credit cards work, when are you going to be introducing legislation in the House that helps to inform the customers you say need to be informed? Oh, and how much is it going to cost the tax payer for that information since it's obviously not the lenders responsibility?
The Journal contacted Rep. Jerry Weller regarding these lending practices. Not surprisingly, Weller's answer showed little concern for his 11th district colleges or their students.
Weller states that there has been no legislation introduced in the House for regulation in the House Financial Services Committee. Well maybe not there, but if you were paying attention to the very heated debate over the Bankruptcy legislation that overwhelmingly favored the lending institutions, you know that there were plenty of amendments offered that would have stopped the very kind of thing, (stopping scheming lenders) the article talks about. All of them voted down by the Republicans.
Mr. Weller puts the responsibility solely on the young college student or less aware consumer, leaving the predatory lenders to run amok with their junk mail marketing schemes taking advantage of people.
To his credit, Mr. Weller "believes that improving student's and others' awareness about how credit companies operate is preferred..", yet when this solution was brought as an amendment to the bankruptcy legislation debate, so the lenders had to be more accountable, he voted NO!
So I ask you Mr. Weller, if you don't believe the lending and banking industry should inform potential customers about how credit cards work, when are you going to be introducing legislation in the House that helps to inform the customers you say need to be informed? Oh, and how much is it going to cost the tax payer for that information since it's obviously not the lenders responsibility?
