3X Inc. in Charge-Off Rate for Credit Cards Since '06 to Record High; Don't Issuers Deserve Protection?
The Credit Card Act of 2009 provides a lot of protection for cardholders:
Cardholders Deserve Protections against Arbitrary Interest Rate Increases
Cardholders Should Be Protected from Due Date Gimmicks
Cardholders Who Pay on Time Should Not Be Penalized
Cardholders Should Be Protected from Misleading Terms
Cardholders Deserve the Right to Set Limits on Their Credit
Card Companies Should Fairly Credit and Allocate Payments
Card Companies Should Not Impose Excessive Fees on Cardholders
Vulnerable Consumers Should Be Protected From Fee-Heavy Subprime Credit Cards
But given the fact that the charge-off rates for credit card loans (data here) have more than tripled from about 3% in early 2006 to 10.24% in the third quarter of 2009 to a record high 10.24% (see graph above), don't the banks and credit card issuers deserve some protection against reckless, irresponsible cardholders and record-high delinquencies, defaults and charge-off rates?