We’re Certainly Miles Ahead of the Information Curve!

A month ago we talked about the tools and insights of how to get your credit card interest rates lowered and here comes the NDP.

Their web site now has the same information we last month. That’s great – the more people have these tools the better. But the NDP takes it another step beyond what I believe is logical.

The web site actually states: Help Jack Layton take on the Harper government to lower credit card rates. Yup, in politics anything is possible – even blaming the government for credit card rates. Bet you didn’t know it was Prime Minister Harpers’ fault. Maybe the government is to blame for the Canucks missing the playoffs, too… Give me a break.

Peggy Nash is the NDP Industry critic, and I actually heard her being interviewed. Yes, the NDP believes that banks should be forced to lower credit card rates across the board. How about we force Canadians NOT to carry credit card balances? How about we outlaw credit cards? Wouldn’t that be a lot more logical?

She was asked whether it isn’t reasonable to conclude that forced lower rates wouldn’t really be part of a free-market economy and wouldn’t a lower rate get people to just increase their debts? Nope – she didn’t see that at all.

Perhaps it’s time we pass a law for car dealers to lower prices and everyone should pay the same amount. Come on!
Reflecting about this backwards thinking got me wondering if there is ever a time where I might confuse someone. The government isn’t responsible for our financial situation. They don’t use our credit cards, didn’t sign our mortgages and didn’t force us to get a line of credit or car payments that are way longer than the life of the car.

Getting into debt was our choice. It’s always a choice – and getting out is a lot harder. But the party ends eventually and there is always a price to pay for all of our financial actions. But perhaps it is less and less politically correct to talk about personal accountability in so many areas of our life.

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