Credit Cards: Should the government regulate this industry?

Should the government regulate the credit card industry? Now there's an explosive question and it's one I'm sure retailers and other credit card issuers wish would go away. For me, the answer is a resounding 'oh, yeah, absolutely, yeahsureyabetcha, yes!'

There are many other reasons for answering 'yes' to this question, but there is just one that I believe stands out loud and clear, and that's the one I'm focusing on in this article. The interest rates on credit cards are ridiculous. People are forced into a lifestyle where credit cards are our masters. I've seen it. I've been there.

College students get credit cards promising them the moon. Easy money: that's what it is. Buy now and pay later. It'll be okay.

At a young age, Americans fall into the credit card trap. It's really not that hard to do. For some of us, credit cards are the only way we can put food on the table. I've done that. I was determined not to get back into debt after getting out of it, but I was utterly choice-less. I had no money and lousy income. If I wanted to eat, I had to use the credit card. Then I had a sick dog, and there was no way my dog was going to suffer because I didn't have cash. I used the credit card. As luck would have it, I needed a root canal. If I hadn't been in mortal pain, I wouldn't have done it. With just basic insurance, I had hundreds to pay on the root canal. Yes, I used the credit card. It didn't take long to add up to a number I really don't want to think about.

The problem is that because of the interest rates, we end up paying back so much more than what we used to get ourselves into this nasty hole. That's why there usually isn't an issue when someone files for bankruptcy. The credit card issuers have already gotten their money for what we actually bought with it. What we're paying is interest, upon interest, upon interest. It's not fair, and it's not right.

Now some people might say it's our fault because we used the credit card. Okay, granted, no one had a gun to my head to get me to use it, but like I said, there wasn't anything luxury on that credit card. Every purchase was an essential, for survival or emergency services. The only other option was to just drop dead because there wasn't any other way of getting food or treatment for my dog.

Other people might say simply, 'Get a lower interest rate card'. I respond that is easier said than done, especially in this economy. A lot of folks are probably just lucky to have the card they do. Maybe they acquired it when life was better, but trying to get a lower interest one now just gets them 'Sorry' responses. Why? They owe too much, they have too many credit cards already, or their income isn't high enough. Those great credit cards are for the elite who don't need them.

So, we definitely need help. We need the government to step in and cap these interest fees. In fact, they need to retroactively go back and slice them. Let's cut the losses and help people turn their lives around. As long as credit card issuers are allowed to keep on abusing customers, which is what they are doing, this country will never be financially healthy.