Fifty-seven percent (57%) of Americans say there is a need for more government oversight of the credit card industry, according to a new Rasmussen Reports national telephone survey.

Thirty percent (30%) say no additional oversight is necessary. The House is expected to vote this week to impose tighter government regulation on credit car issuers.

Support for more oversight, not surprisingly, is highest among those ages 18 to 29 and those who earn less than $20,000 per year.

If a bank has received federal bailout money, 54% of adults say the government should set its lending and credit card policies, and only 28% disagree.

This appears to show a much greater public willingness for the government to involve itself in a business’ day-to-day operations. Previously most Americans favored a government role only in setting executive compensation for businesses that had been bailed out.

But just 25% think the government should place limits on how much individuals can borrow. Sixty-one percent (61%) say the government should set no such limits.

In the current economic climate, 71% say banks should be encouraged to lend money only to those best able to repay the loans. Twenty-one percent (21%) say banks should be encouraged to lend money more freely so that more credit is available.

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In December, 51% of adults were worried Congress will make it harder for some people to get approved for new credit cards if it forces credit card companies to reduce the interest they charge.

Sixty-one percent (61%) of Democrats and 57% of adults not affiliated with either major party say the government should set lending and credit card policies for banks that receive federal bailout funds. Republicans are evenly divided on the question.

But 77% of U.S. voters prefer a free market economy over one managed by the government. Twenty-six percent (26%) say America already has a partially socialist economy.

Seventy-three percent (73%) of Republicans, 62% of unaffiliateds and 50% of Democrats agree the government should not place limits on how much individuals can borrow. Individuals who earn under $20,000 per year, alone of all income groups, are closely divided over whether borrowing limits should be set.

Support for encouraging banks to lend money more freely is also higher among younger Americans and those who earn less per year.
Republicans (87%) far more than Democrats (61%) and unaffiliated Americans (65%) think banks should be encouraged to lend money only to those best able to repay it.

In a February survey, 17% of Americans said they had been turned down for credit in the previous six months.

At the end of last year, just 25% of American adults said they did not have at least one credit card.

Americans are showing more short-term confidence in the economy than they have in months, but their long-term confidence is falling.

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