Taking on the Nanny State on Credit Cards

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I had a (brief!) appearance on CNBC this morning to challenge a woman from the Consumers Union regarding the credit card legislation pending in Congress.

How hard is it to understand that if you take on credit card debt, you’re going to have to pay a lot of interest and fees, and they might even go up? There’s a sure-fire way to say out of trouble: don’t spend beyond your means and pay off your credit card every month. You’d think the Consumers Union and others like them could convey that message to the public easily enough. You’d also think that if existing credit cards are so bad, word would get out and everyone would stop using them. Since people don’t make the choice the nanny statists want them to make, my opponent wants government to make it for them.

I’ve written more on this here.

11:55 am on April 23, 2009