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Lindsey Graham And Tim Scott Should Oppose Credit Card Competition Act
“Legislation that harms consumers is legislation that harms our economy.”
“Legislation that harms consumers is legislation that harms our economy.”
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2 comments
Reward programs drive up the cost of card processing. A merchant is generally charged different rates for different types of cards, and reward cards cost the most. I don’t think small businesses should be responsible for shouldering the burden for a cardholder’s summer vacation. The business have to jack up the price of goods and services to offset the increase in card processing fees, and who REALLY benefits? Visa and Mastercard? I’d rather do away with reward programs than take measures to prop them up. The goal should be to minimize the cost of processing electronic transactions in an increasingly cashless economy.
Just do what they did in the Bible times and mandate debts be forgiven after 7 years. Credit cards, student loans, health care bills, etc.
Maybe make two exceptions: Mortgages can go beyond 7 years. Predatory lenders get 7 months.
Centering your economy around the institution of debt slavery is bad and defending the furtherance of it should make you feel bad.