Sara Palin's Plans to Reform the Credit Card Industry
If you use credit cards, you undoubtedly know about some of the tricks and traps the industry uses to make consumers pay more. Since we're in a historical election period, the candidates' stances on the industry is important.
Earlier this year, Democratic Presidential nominee Barack Obama proposed plans to change the bankruptcy law, making it easier for some families to get relief from overwhelming debt.
In an interview with Maria Bartiromo, Business Week columnist and CNBC's Closing Bell anchor, Sara Palin, presumtive Republican Vice-President nominee, talked about her plans for credit card reform.
Bartiromo posed this question:"Middle-class Americans who pay their bills on time are seeing their credit-card rates jacked up, but the Democrats, like Democratic Vice-Presidential nominee Joe Biden, who has long had deep ties to that industry, don't seem to be reacting to that issue. Do you see an opportunity there for Republicans?"Palin's response:
"Yep. Here again, Republicans have got to be observant of what is going on in the Democratic Party, and if Republicans are going to finally reform our own party—and I am convinced we have to reform—we've got to not embrace the status quo and just be going along to get along. We have got to get out of the box, and we've got to start doing some really unconventional thinking here and grab hold of some of these issues that the Democrats are slacking off on. It's not only our responsibility to Americans, but it's our opportunity to show that this party is not going to be controlled by just special interests and the pork-barrel politics of the past, but we are going to reform and we are going to be serving for the right reasons."
Though there was no direct answer to the question to give us a true perspective on Palin's ideas for credit card reform, we at least know she's willing to talk about the issues and make some changes. We haven't heard as much from her running mate, John McCain, on the topic.
Similarly, Joe Biden, Democratic Vice-President nominee, has also been hush on the topic of credit card reform. Perhaps because of the large influence of the credit card industry in Delaware, the state where Biden has served as senator since 1972. Biden voted for the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, the law that Obama proposed to change.
More Election 2008 Coverage
Comments
Palin says nothing here! Phrases like “out of the box” and “unconventional thinking” are just words with no substantiation.
I agree with Kristen. Lots of words. All talk but no action!
As the article points out Joe Biden isn’t even talking about it. At least Palin is starting a dialogue and “hope” and “change” are still just words as well. All candidates need to bring some red meat to the table…
palin did not volunteer the info, she was asked
Obama and Biden have the PERFECT opportunity to create some sort of positive change here and at least offer their version of “political rhetoric” but for some reason are avoiding the true issue. At least Palin is considering it and talking about it. Sounds like a good start to me.
While they all skin the surface of the big issues I don’t believe any of them will effectively deal with the issues that’s surrounding the credir card industry. But this is not the first “Presidential Rodeo” where we are fed a bunch of fillers that satisfy the appetite but leaves you empty when the smoke clears.
This article was titled “Sara Palin’s Plans to Reform the Credit Card Industry” What Plans? What Credit Card reform did she mention? What a phony article! Do some journalism!