Barbara Dafoe Whitehead, one of the editors of our new book, Franklin's Thrift, is participating in a very interesting new series through the Opinion pages of the New York Times called "Room for Debate: A Running Commentary on the News." Recently, she and her fellow commentators discussed the new credit card regulations that have been proposed. Here's our favorite bit from Barbara, ever the thrift-advocate, on why the latest gambits of the credit industry aren't likely to work:
Thrift is in. Excess is out. More Americans now feel empowered to 'just say no' to the credit card companies. They can cut up cards, return to cash, establish checking accounts at financially solvent banks and credit unions, simply shop less.
You can read the entire piece here. Our understanding is that this will be an ongoing program, so we'll be sure to keep an eye out for future installments.