Obama is criticizing the credit cards for excessive fees, penalties and interest rates on charges made by their clients. I agree these fees are excessive. Should the government regulate these fees or should the market place take care of itself. Most people get into trouble with credit card debt and it is their own doing. I have done this as well, but the day of reckoning has come for me and I am almost out of debt. (WOW, and I am very proud!)
Oops...almost forgot...still have one whopping debt. Its called the IRS. You see, and I'm going to be very vulnerable right now and tell you a story about me. When I first started my business in 1994, I got behind on some taxes. If I knew then what I know now, I probably would have closed the doors of the business. Little did I know that $10,000 would eventually become $180,000. I have been trying and trying to chip this debt down, but two steps forward equals three steps backward with the IRS.
A recent transcript from them showed that for a particular quarter, I owed under $800. However, the total due was just under $9,000 - THAT, MY DEAR IS EXCESSIVE, ABUSIVE, UNFAIR INTEREST AND PENALTIES!!!
I say what's good for the goose should be good for the gander. I am curious as well as to how much penalties some of the good old boys in Washington pay when they are discovered to not have paid taxes.
Believe me, not paying my taxes, was not deliberate - it just couldn't be done at the time and now it can't be done because the penalties are so OUTRAGEOUS!!! My agent told my accountant last week that she was hoping I would just go out of business as it would take a big load of work off her desk. Really? Never mind that the government would lose $50,000 per year in the taxes I am currently (and staying current by the way) paying...and never mind the fact that ten people would have to go on unemployment, but the agent could stamp my case "CLOSED" and call it a day!
I like the idea of a fair tax system or a flat tax system. It would eliminate so much headache.