TOM MAGUIRE ON BANKRUPTCY AND LEGAL ACTION:

Guided by the notion that sunlight is the best disinfectant, here is a simple suggestion that left and right ought to be able to accept, if not lovingly embrace: require credit card issuers and consumer lenders to prominently disclose information about (a) penalty rates and fees, and (b) the proportion of clients currently paying those fees.

For example, suppose the next letter you received saying “You are Pre-Approved” also told you, on the front of the envelope, that the penalty rate was 30%, that monthly late fees were $35, and that 8% of current card-holders paid late fees or penalty interest at some point in the last three months. Suddenly, that tired old financial planning advice to be near a wastebasket when you go through the mail sounds very sensible.

And for the credit card issuers with a “kinder, gentler” marketing strategy, there will be an incentive to waive a few fees, and to be a bit less aggressive in collecting penalties, if the benefit will be monthly numbers with better consumer appeal.

Interesting.

UPDATE: More here. I’ve noticed the silence of people like Dave Ramsey and Clark Howard, myself.

ANOTHER UPDATE: Reader Rick Brady emails that Dave Ramsey hasn’t been silent:

Glenn, I heard Dave Ramsey a couple of nights ago rail against the bill as being bought and paid for by predatory lenders. He had very harsh words for the Republican Party in falling for it and accused them all of having their votes bought. He’s not exactly silent on this issue.

Glad to hear it, and glad to be wrong. I listen sometimes, and haven’t heard him mention it, and I couldn’t find anything on his website. I wonder if Clark Howard has weighed in?

MORE: Ask and ye shall receive. Reader Brian Kerth emails: “I heard Clark Howard do his own little rant on the Bankruptcy Bill on Thursday. He is definitely not a fan and urged his listeners to be cautious of the outcome. He hasn’t posted anything on it that I could find.”

Me neither. These guys need to get blogs!