This Thursday the House of Representatives passed a bill that would limit the amount of interest a credit card company would be able to charge a consumer.

If the Democrats in the house want to really help the American people they would pass a law mandating CREDIT EDUCATION in our schools, not dictating to adults what penalties to expect when they charge too much and do not pay their bills.

What the House is doing will severely limit the amount of credit available to everyone, and raise the rates of interest on those consumers that are borrowing responsibly and paying the money back.

Let me explain. IF this bill passes, and it becomes illegal to charge the higher rate to the riskiest of borrowers, credit for them will dry up. Credit Card Companies will no longer have the incentive to lend. (That is the only way for the banks to make any money on that group in the first place). A better bill would have included credit education that would have helped stop these individuals from borrowing money they could not repay to begin with.

I am all for everyone having the access to money. Moreover, I am for those individuals that can show an interest in being responsible with their indebtedness getting much better rates than those who show no such interest. This is the fair way to handle the problem, because it places the responsibility where it belongs, and does not punish those that play by the rules.

Credit Education in this country is almost non existent in our schools, and universities. This is a major problem for the millions of new consumers we produce every year, and in my opinion it is a bigger problem than our sex education. I fail to understand why we cannot teach credit education to students that are old enough to receive Sex Ed.

Let’s pass a bill that would make mandatory Credit Education classes for all students currently receiving Sex Education classes. We owe our children more than a basic knowledge of how the system of credit works in the country they live in.

I believe these classes will prove far more useful to those students than the ones they do not receive now.

For those of you not wishing to wait for our government to take action, give your student a copy of my Credit Control Kit. You will find it here.

 God Bless,

Wayne Altman

www.givemegreatcredit.com