Somewhere along the line, the image of the credit card industry changed from friendly enabler of fun and granter of freedom to pillaging raiders of the open wallet. If this were “It’s a Wonderful Life,” it would be like watching warm-hearted George Bailey devolve into the money-grubbing Mr. Potter.
Award-winning editorial cartoonist Pat Bagley of the Salt Lake Tribune made that point visually today with his cartoon.
It notes both the avaricious reputation of the industry, and the limits to the added layer of consumer protection from the Credit CARD Act of 2009 and the recent Wall Street reform law.
You see them all around. I was warned at a very young age to avoid them at all costs. I was cautioned never to get too close to the promoters behind … the credit card booths (insert old horror movie scream here).
You know which ones I’m talking about:
“Free Phoenix Suns T-shirt! Just sign here!”
“Trip to Bora Bora? Just sign on the X …”
“Cool hat! But first, I need your address.”
I wanted to see if the passage of the credit card reform law had made a difference on campus. Here’s what I found.
Of all the commentary I’ve read on the new credit card law I think this cartoon by Joe Heller of the Green Bay Press-Gazette is my favorite.