READ THE LINK - this has nothing to w/me. Simply pointing to a situation in California where the banks have banded together to keep people "hooked" on credit cards while minimizing full disclosure. (warnings posted on tobacco products were the result of consumer abuse and lack of awareness) Banks continue to charge outageous fees and interest on credit cards when compared a 45 year low in the rate banks are charged by the FED to borrow this money.
I am not a victim of irresponsible borrowing, however many people have overused their credit cards as a result of their total lack of financial management - yet the banks continue to throw plastic at everyone who has a mailing address. How would you feel if the tobacco companys put a representative on every street corner passing out free packs of cigarettes to everyone that passed by? Get my point? As for me - no problemo here - debt free and don't smoke. It's the weaker people in our society that fall prey to these large always-in-your-face institutions and their marketing tactics that have no soul or conscious.
I don't know about banks banding together to hook people on credit cards. We get credit card offers in the mail all the time like everyone else. My worry is that we are now seeing the formation of the next victim class.
California? They just awarded $28 billion to a smoker, another "innocent victim", which if upheld, would severely harm tobacco producers. While I hate smoking, this is just plain wrong since warning labels have been around for close to 40 years.
I have an idea. Maybe citizens in tobacco producing states should should start suing Hollywood studios for producing violent movies. A few $28 billion awards against them would send a message to California. To carry this further, all states that uphold huge jury awards that affect industries in other states could expect the same against products they produce. This would go a long way toward solving the legal abuse problem which is clearly out of control.