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Obama Talks Credit Card Reform in Weekly Address
Posted:
05/9/09
Filed Under:Democrats, Barack Obama, Media, Videos of the Week, Obama Administration
In his weekly internet and radio address, President Obama urges Congress to pass a credit card reform bill that would prevent companies from instituting sudden rate hikes, unfair penalties, and hidden fees. The president says abuses by credit card companies have multiplied during the recession, saddling Americans with an extra burden during tough times.
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To help credit begin flowing again quickly, Obama calls on Congress to pass the bill by Memorial Day.It is past time for rules that are fair and transparent. That is why I have called for a set of new principles to reform our credit card industry. Instead of an "anything goes" approach, we need strong and reliable protections for consumers. Instead of fine print that hides the truth, we need credit card forms and statements that have plain language in plain sight, and we need to give people the tools they need to find a credit card that meets their needs. And instead of abuse that goes unpunished, we need to strengthen monitoring, enforcement, and penalties for credit card companies that take advantage of ordinary Americans.
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Christopher Weber
Christopher Weber is a writer and editor in Los Angeles... moreRelated Articles
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Comments (7)
Joseph K.
2:32PM May 9th 2009
The credit card legislation passed by the House is OK, but it doesn't go nearly far enough. What is needed is legislation setting an upper limit on interest rates (some credit card issuers are charging their customers as much as 30%--enough to make a mafia loan-shark blush). My suggestion for an upper limit would be 18% which should be high enough to please and line the pockets of any blood-sucking usurer.
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busydimp
1:07PM May 10th 2009
They need to stop the banks from charging outrageous bank fees Bank of America, Chase especially that terrible bank called Fifth Third. I would like to see a nationwide credit over haul The consumer credit rating has suffered for varies reasons lowering their credit scores. If most don't have good scores Someone tell me how is the consumers going to be able to purchases cars, houses and other things. The bailout is wrong money given to car companies , banks but not the people how is this helping the economy. The working class rules. I would love to meet President Obama anyone have any suggestions?? I tried writng a letter didn't work
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(1) Ange,John
5:55PM May 9th 2009
It is about time the American Consumer receives protection with a "Credit Card Holder's Bill of Rights". Credit Card Companies have the gall to rip off the American Consumer who have helped them prosper. This "Bill of Rights" should include a mandatory ceiling on the interest rate @ 15%, which is even still too generous to award those who have wickedly taken advantage of the American Consumer. Shine your light of punishment on those "fat cats" to clean up their act. I applaud this Administration -- you rock!
Ange M.
Ange M.
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(-1) Professional Woman
12:59PM May 10th 2009
Excellent comments Joe and John! It IS about time these companies are held accountable for their theft of consumers. They should have to be required to pay people back!
To some republicans this is the epitome of free enterprise and deregulation - ripping off the American public with a free hand to do so by the government that was supposed to protect us from such theft. They were given free reign to do as they please and to be as greedy as they wanted for 8 VERY LONG YEARS!
To some republicans this is the epitome of free enterprise and deregulation - ripping off the American public with a free hand to do so by the government that was supposed to protect us from such theft. They were given free reign to do as they please and to be as greedy as they wanted for 8 VERY LONG YEARS!
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(0) bob
7:24PM May 10th 2009
There also needs to be a limit to the amount of credit extended to folks who can't really afford it. The last thing someone who can't currently pay off their credit card bill on a monthly basis is 2, 3 or more additional cards. Numerous times I've seen people shuffling through 10-12 or more cards while trying to decide which one to use for their latest purchase.
If the government is going to limit the amount banks and credit card companies can charge for short term loans, then they should also limit the amount of credit that can be extended to folks who can't or won't use it responsibly.
If the government is going to limit the amount banks and credit card companies can charge for short term loans, then they should also limit the amount of credit that can be extended to folks who can't or won't use it responsibly.
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(-1) Professional Woman
12:36PM May 11th 2009
This is a good point Bob. If a person has shown that they are neglegent over and over, the banks and credit card companies should not be allowed to continue the saga. However, some people who were always able to pay before, have recently been in dire straits and those people should not be penalized. If their record was good for years and because of the economic woes, they faultered a little, it should not be held against them, once they get back on their feet. Where to draw the line?
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(0) Rose
3:37PM May 13th 2009
These corporations, (which are nothing more than legalized organized crime loansharking) should be put to task for all the damage they have done!! Also, I would like to see pay day loans taken to task as well.
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