Thursday, April 23, 2009

Obama to protect credit card holders (Video)

Yes, we need protection.

For me, personally, I have been paying my card on time and extra and the cc company still raised the interest rate and STILL lowered my credit limit.

The credit card companies are bogus and Wall Street and CONGRESS have been on their side for YEARS. All I can type is, "it's about time to protect us."

Obama said he wants legislation that will prevent consumers from facing a sudden, surprising rise in fees. He said credit-card companies must publish their forms in plainspoken language. The president said companies must make it easier for people to do comparison shopping and said there must be greater enforcement so that violators feel the "full weight" of the law.

Obama and some congressional leaders are particularly focused on what they consider to be abusive and deceptive practices that squeeze people into paying much higher fees or interest rates than anticipated. Both the House and Senate are considering a credit card "bill of rights" to limit the ability of credit-card companies to raise interest rates on existing balances and to require greater disclosure.

At issue is how to protect consumers, particularly in a severe economic downturn, while not imposing the kind of rules that could make it harder for banks to offer credit or that put credit out of reach for many borrowers. Industry advocates are wary of those consequences and hopeful Obama will listen.


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