It’s interesting how feedback from real people is often different than what we hear out of Congress and the influence of politics. If you believed what is broadcast on the news we hear the Republicans in Congress are against the regulation and powers of the new Consumer Financial Protection Bureau, a single agency with oversight over financial affairs.

But in a survey conducted by AARP, the Center for Responsible Lending, and Americans for Financial Reform, the message from Main Street is that people of all political affiliations want the CFPB or certainly a CFPB like agency to exist.

Of the people polled by Lake Research Partners, 63 percent of overall voters want government oversight of financial companies. Voters of all parties feel that Wall Street needs tougher rules and enforcement. 88% – Democrats, 74% – Independents, 70% – Republicans.

The pollster had this to share from their survey.

Voters broadly and strongly support Wall Street reform.  They support it in principle, they support it in law, they support the individual components of the reform law and they want it to be allowed to take effect.  After hearing arguments in support and in opposition, voters across party lines still solidly support the Wall Street reform law.

• Despite severe partisanship in Washington, voters across the country are united in their support of Wall Street reform and nearly half are prepared to punish members of Congress at the ballot box if they vote to repeal Wall Street reform.  

• Conventional wisdom tells us that nobody wants government regulation and bureaucracy.  In reality, voters don’t buy this argument when it comes to Wall Street reform and start out believing we need more government regulation of financial companies.  They support having a single federal agency with the single mission of protecting consumers from financial companies and reject the false argument that Wall Street reform stands in the way of getting our economy back on track. – Source

The overall response of consumer voters to needed regulation was overwhelming supportive.

What is Your Opinion

I’d love to hear from you in the comments below if you think credit card companies and other financial service providers need more or less oversight.

@GetOutOfDebtGuy

Other Related Articles to Read

• CFPB Appears to Lay Ground Rules to Begin Enforcement in Debt Relief Industry
• CFPB Sends Clear Message You Will Be Held Responsible for Your Affiliates and Lead Sources
• CFPB Rolls Out Beta Version of Cost of College Tool – Cool!
• CFPB Getting Ready to Set Rules by UDAAP Enforcement Actions
• CFPB Lays Out What It Will Look For as an Abusive or Deceptive Practice
• Debt Collectors and Credit Bureaus to Report to the Consumer Financial Protection Bureau
• CFPB Gets an Earful of Good Suggestions About Student Loan Disclosures
• CFPB Whistleblower Hotline for Debt Relief Company Tipsters
• CFPB Appears to Embrace Debt Workout Arrangements
• CFPB Releases Credit Card Complaint Report

Read the full article at GetOutOfDebt.org, click here: Survey Says Even Big Majority of Republican Voters Want More Financial Regulation

Credit card holders are angry. More than a one-third (32%) have paid off and closed a card since January 2008, and half of those that canceled did so in direct response to the actions of credit-card issuers, such as cutting limits, hiking rates, or imposing fees, according to a national poll by Consumer Reports.

Twenty-one percent of respondents said they were treated unfairly by card companies, and only 41 percent said they were highly satisfied with their card issuer, making credit cards one of the lowest-rated services that Consumer Reports covers.

The level of public anger about card issuers shows in the results of Consumer Reports nationally representative survey of 1,211 credit card users, conducted in July, as well as in scores of irate letters and e-mails Consumer Reports has received from readers.

The survey also found that 45 percent of respondents say they are charging less, 43 percent say they are spending about the same, and 11 percent are charging more than they did a year ago.

The surveys found that one-third of Americans say they don’t own a credit card. Of those Americans who use them, here’s how much money they owe:

• 54% pay their balances in full each month
• 13% carry balances over $10,000 (Median $17,366)
• 33% carry balances up to $10,000 (Median $2,554)

Consumer Reports survey showed credit-card users tended to fall into three camps. One group is made up of consumers who generally pay their bills on time but use cards for convenience or to rack up rewards. Then there are those who reported moderate balances and reasonable prospects of eventually paying off that debt. The third group includes consumers with debts totaling $10,000 or more, often from spending for emergencies; 44 percent of that group said they wouldn’t be able to survive financially over the next six months without relying on their credit cards to meet monthly expenses.

Depending on which camp your credit needs fall into, Consumer Reports’ November report offers a complete strategy guide to dealing with credit-card issues, finding the right cards for your needs, and protecting your credit score. The report is available at www.ConsumerReports.org or in the November issue.

@GetOutOfDebtGuy

Other Related Articles to Read

• FTC Halts Fake News Sites About Deceitful Acai Berry Weight-Loss Products
• Survey Says Even Big Majority of Republican Voters Want More Financial Regulation
• Money Saving Strategies for New Parents
• Consumer Reports: Credit Card Caution
• 100% Credit Card Interest Rates Charged in Mexico
• Consumer Reports Debt Settlement Article to Come
• Early voting records fall; Arditti hitting credit cards to finance

Read the full article at GetOutOfDebt.org, click here: Consumers Pissed Off at Credit Card Companies. One-Third Don’t Even Have a Credit Card.