Ron Paul Supports Credit Card Interest Hikes

Ron Paul votes 'NO' on a legislation aimed to clamp down dubious credit card interest hikes.
Sites the Constitution as an excuse to allow credit card companies engage in dubious activities.

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[anatnaSAbraxas]

i find it scary that you think the government has the right to change or void private contracts at will. you sign a contract when you get a credit card....don't buy things with money you don't have. If we did that, we wouldn't be in this mess. you are completely clueless! I take it you supported the bailouts for the banks too. Explain to me where in the constitution does it give the federal government the power to void contracts??? If you had it your way, government power would be limitless.

[UnsavoryMen]

So govt cant change private contracts but credit card companies can ?

By the way I dont think any credit card holders signed up for unexpected and dubious practices by credit card companies

[Warrivar]

guys you are idiots RP openly opposes the federal reserve and the current financial system. and quite frankly like me...you are in canada and like most of my fellow canadians you probably bought all of that "change" and "hope" bullshit obama promised. have you even read the guy's history in congress? its pretty scary

[UnsavoryMen]

Did I tell you that I'm a dual citizen of US and Canada.

[Martintfre]

Credit card holders choose to get the credit card, they choose to use the credit card, they choose to make minimum payments - all bad choices yet choices that credit card holders indicidually made.

Tax payers have no choice - CONgress holds a gun to our heads and says pay or go to jail, CONgress voted to make these bails outs - republicans and democrats hand in hand robbing the people.

PAUL voted against the government forcing bad decisions, using a credit card is individually a bad choice.

[MMAGRO1]

The consitiution limits GOVERNMENT not the Free Market.

[spatownunderground]

@UnsavoryMen actually any contract for a credit card will state that they have the power to change interest rates and fees with given notice to the customer, in better legal terms of course but this case has been fought and lost numerous times

[warmoviesboy]

This is stupid back in 2002 he warned us of too much spending and the housing bubble. He didn't support the bailouts, all he wants is small government and a free market . People don't understand soon enough you won't be able to but crap on you Credit Card and suffer much worse.

[nalejbank]

@19TEC85 Ron Paul 2012 dot com  Woot!

[nalejbank]

@UnsavoryMen Your dual citizenship doesn't mean shit to me! Have you read and support the US Constitution or NOT? It is VERY clear you do not! You have loyalties to something other than to it and are clearly a left of center collectivist that loves a government solution to every "problem". Attitudes like yours leads to tyranny of government and therefore you cannot be trusted. I suggest you open your closed mind and read The Law, by Frederic Bastiat, available online. You can escape ignorance!

[19TEC85]

This vid makes me like Ron Paul even more. . Govt has no right to "clamp" down anything to do with private contracts, unless of course fraud was committed then govt can enforce the law.

[serfdomthwart]

Ron Paul supports the protection of contracts, as the Constitution requires. All these people who spend beyond their income all agreed to a contract before using these credit cards. If they didn't understand it then they shouldn't have agreed to it.

The problem of high credit card interest rates is much deeper than this single piece of legislation. It stems form our entire financial system, and monetary system. A simple bill won't fix it. Look at the big picture Mr. Big Brother

[anatnaSAbraxas]

government is only there to protect you against a breach of contract. that is its only constitutional power regarding this issue. so correct, government can't change private contracts. And if credit card companies breach contract, they are punished. But the legislation you are referring to basically tells companies what interest rates they are going to have and when. sounds a little Stalin-esque to me. People should read what they are signing up for or not sign up at all.