Archive for December 23rd, 2009
Target supports spending more money than you can afford to
by James on Dec.23, 2009, under News
According to Bloomburg.com, retailers are making the most jack assed argument against the new credit card regulations that are about to go into effect. The new line goes that it will cost retailers $9 billion (yes 9 zeros) in sales.
Because the new regulations will help prevent credit card companies from screwing people over, they have been taking the natural action of denying credit, lowering limits and closing the accounts of those whose credit scores don’t warrant the cards that they were given.
This culling is where the previously mentioned $9 billion is coming from.
So, yes, the new credit rules may very well cost retailers $9 billion in sales but its $9 billion dollars consumers didn’t have to spend and couldn’t afford to begin with.
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