Obama adds social networking aspect to credit card legislation

“…Sources today informed us that the Obama Administration has made a significant amendment to their Credit Card Accountability, Responsibility and Disclosure Act (CARD) – they have added a requirement that all credit card companies must allow online Recent Activity data to be integrated into Facebook and/or Twitter feeds.

The goal is to allow consumers to use their online friends to help encourage them to achieve better debt management practices, by letting them see their friends’ credit card usage, and either praise positive behavior (like making a payment larger than the minimum balance) or chastise negative behavior (liking buying a Mac when a PC could have gotten the job done for less money).

Sources say this could soon be extended to credit score reporting agencies as well - soon online friends might start seeing messages like “John Smith’s credit score changed today: +12 points!”, to which they can respond with encouraging comments in their Facebook and Twitter feeds.

“We believe that Americans can help each other help themselves,” said a government spokesperson, “and that current technology provides great opportunities to do so in the area of social networking…”

Response to this amendment has so far been positive, as consumers have begun to see the importance of managing their finances, and allowing their friends to help them do it…”

Yes, this is a joke – I repeat, a JOKE.  (the whole Mac vs Pc comment should have given it away). :)  But what do you think – should it be a joke, or does that sound like a good idea?  Hmmmm….

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One Response so far.

  1. The MAC comment totally gave it away. Boo. Great blog Ric!