Obama – Credit Card Reform
President Barack Obama on Saturday renewed his urgent call for credit card reform.
“Americans know that they have a responsibility to live within their means and pay what they owe,” Obama said in his weekly radio and Internet address released Saturday. “But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all-too common.”
Most Americans support that, but not the big, well-moneyed bankers. So don’t expect any hasty, final action.
“I’m calling on Congress … to pass a credit card reform bill that protects American consumers so that I can sign it into law by Memorial Day, there is no time for delay. We need a durable and successful flow of credit in our economy, but we can’t tolerate profits that depend upon misleading working families. Those days are over.”
That’s unfortunate. It’s time to slap down the high fees, the ever-changing charges and the credit card industry’s high-pressure tactics to get Americans — especially young ones — to take on more debt.
“You shouldn’t have to fear that any new credit card is going to come with strings attached, nor should you need a magnifying glass and a reference book to read a credit card application,” Obama said. “And the abuses in our credit card industry have only multiplied in the midst of this recession, when Americans can least afford to bear an extra burden.”
That’s exactly the wrong message to being sending in an economic downtown. People ought to be pinching pennies, not throwing away their dollars on purchases they can’t afford.
Probably won’t happen, thanks to the banking industry. They are pressuring Congress to back away from imposing new penalties and new restrictions on credit cards.
The House, to its credit, has passed a decent bill. The more difficult fight will come in the Senate.
If they become law, the new House provisions won’t take effect for a year, except for a requirement that customers get 45 days’ notice before their interest rates are increased. That would take effect in 90 days.
But Americans deserve for the Senate to approve a similar measure to crack down on the hidden fees and other problems with credit cards.
One key component of any bill should be denying credit cards to anyone under 18.
The banking and credit-card officials fighting the measure say credit could be out of reach for some Americans.
But let’s face it
There are some people who can’t responsibly handle credit cards. If Congress protects these consumers against their own worst habits, so much the better.
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Finally some common sense when it comes to credit cards!
Well said.
And from the President too..
Thanks for the comments guys…
Good development, there are too many people who are irresponsible when it comes to their finances & credit. Time has shown that they can't help themselves and so to protect the economy the government should protect them against themselves..
Good development, there are too many people who are irresponsible when it comes to their finances & credit. Time has shown that they can't help themselves and so to protect the economy the government should protect them against themselves..