I recently spoke with Sen. Ron Wyden about his and Sen. Barack Obama's credit card reform proposal, which involves rating cards according to a five-star system. He defended it against one of the credit card industry's main arguments in opposition to it, which is that it's impossible to develop a set of criteria that would apply to all consumers, since we're a diverse bunch. Wyden's point, in a nutshell: Everyone can benefit from easily understood language and policies, and the rating system wouldn't apply to things like interest rates, fees, and rewards.
Alpha Consumer
One Credit Card Rating System for All?
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