- Oct 29, 2006
- Reaction score
BanksCC companies will find a way to make it up- either increasing fees or passing it on to consumers by raising the transaction fee on all purchases. Banks will also simply not lend to those who prior would get the higher rates; the only option will remain predatory lenders. This is a noble idea, i guess, but i would bet Visa/MasterCard etc already have ideas on how to replace that revenue stream and still extract it from the consumer. I think a much better plan to help poor and middle class would be development of a card-based or digital currency that eliminates the transaction fees that the CC companies charge the retailer. The Fed controls paper money and used to control check processing when these were the dominant forms of moving money; now that debit cards have taken hold they should be in on that too. This would help out small business and give back some regulatory control.