Wednesday, May 20, 2009

Credit Card Bill of Rights Violates Right to Contract

Dear Representative X,

I heard that the US Senate passed legislation for a Credit Card Bill of Rights and I urge you to vote against any such legislation in the House.
  • "Rights are not social privileges but objective facts, identifying the freedoms we need to live our lives--whether a majority in society agree or not"
  • Creating Artificial Rights to things products and services that are man-made (such as credit), means simply that you are using the machinery of government to coerce people. "Newfangled rights wipe out real rights"
  • A Credit Card Bill of Rights alters the terms of existing contracts without the permission of either party. Contracts should only be alterable based only on the terms written in the contract, which is mutually agreed upon, or terms not written in the contract provided that they are also mutually agreeable. When an issuer changes terms, they *already* offer a grace period that permits you to disagree and pay off your balance. Your legislation is not needed.
  • No one is forced to open a Credit Card account. Anyone who does has an obligation to understand what they are signing up for.
  • Any issues with these contracts can presently be handled by boycott (not signing up for a credit card) and vocal protest (advocacy and spreading information).
  • To force Credit Card providers to offer terms they would not choose to offer themselves is a violation of rights to associate freely.