Saturday, March 17, 2007

In his March 12 letter, Edward Yingling of the American Bankers Association asserted that only a "small minority" of Americans are unable to manage their credit card debt. He said that "the credit card industry has actively focused on providing financial literacy education to consumers of all ages and income levels."

Having known people who have gotten caught in the vortex of credit card debt that has left them in or close to bankruptcy, I urge readers to consider the source.

I don't accept Mr. Yingling's assertion that credit card companies are benevolent lenders whose focus is on the consumer. I think they are wolves in sheeps' clothing whose interest is their bottom line and whose tactics are often unethical and predatory. I believe that they target potential bad debt -- the young and the inexperienced, low-income borrowers, and slow and late-paying debtors.

The federal government seems mostly to take the position of "let the buyer beware." So although lawmakers are busy legislating trans fat and cigarette smoke, they are doing nothing to prevent credit card companies from ruining a "small minority" of lives.

People need government help to manage their health, but apparently should be able to manage their debt wisely all by themselves. Go figure.

JAN T. McCARTHY

Great Falls