Tuesday, May 19, 2009

Credit cards

It appears a law imposing new regulations on credit card issuers will be passed soon. I generally approve of restraining businesses (and others) from taking advantage of idiots as long as this can be done without imposing excessive costs on sensible people. Being sensible I pay my credit card balance in full every month. The new law doesn't appear likely to raise my costs significantly so is unobjectionable in that sense. On the other hand I don't think it actually does all that much to protect idiots from themselves. That would require more significant and controversial measures like interest rate limits, higher minimum payments and the like.

1 comment:

  1. I agree on all counts.
    Also, creating conditions for idiots to be protected from themselves, would inevitably lead to a state where one would have to be an idiot if one weren't behaving like an idiot, and that must be a hell of a sad state.