I Support Legislation To Curb Credit Card Fraud NOW!

April 23-2009:

I Support Legislation To Curb Credit Card Fraud Now!

This nation of ours (The USA), survives and thrives economically via Credit Card's accepting business facilities. Almost every American of legal age has one. And their is hardly any organization, business, insurance agency, or financial institution, that does not require it's clients to be holders of credit cards and a Credible Credit History.

When I came to this country I was told that having good credit will determine how much credit you can access. And when you don't have any credit history, chances are, most businesses, insurance companies, or banks, would hesitate to grant you any credit, because of it.

And I asked the following question of my friend at that time!

Wouldn't allowing someone to access credit at anytime, even if he or she cannot afford that items/s, or does not have the equity to guarantee such credit, asking for serious fraudulent behavior?

And he told me in response, that credit is the American way of doing business, and everyone is expected to have some form of credit history to get ahead in this country.

The current national and international economic crisis validates my concerns about credit gone mad!

So the question now is, can we abolish or regulate the amount of credit per person by law?

I would suggest that no one should be allowed credit over his or her annual income. Unless he or she is wealthy, or has assets that can be used as equity for any loss or default on his or her remittances. Having such ceilings established by law, would allow most credit card holders, especially those within the lower income brackets, the most vulnerable, the elderly, and gullible, to monitor their credit ability at any time. 

Having this knowledge recorded in a national Credit Card data base, will also help any organization that provides credit to clients as part of their business, to check that person's ability to pay.

So I am for any legislation that would allow the above to be made law!

Derryck S. Griffith.
NYC.