Obama: CC reform bill by Memorial Day

iVillage Member
Registered: 03-18-2000
Obama: CC reform bill by Memorial Day
25
Fri, 05-15-2009 - 11:19am
Obama wants credit card reform bill by Memorial Day

http://televisionwashington.com/floater_article1.aspx?lang=en&t=3&id=10468


US President Barack Obama on Thursday asked lawmakers to pass a credit card reform bill by the end of May, saying such reforms are critical to fixing the nation’s economy.


“It’s time for strong, reliable protections for our consumers. It’s time for reform that is built on transparency and accountability and mutual responsibility,” he said at a town hall event in New Mexico, according to Reuters.


Obama is pressing for legislation that would end some credit card industry practices deemed abusive, such as unfair rate increases and late fees, reports the Associated Press.

“We expect to pay what’s fair and not just what fattens growing profits for some credit card company,” Obama was quoted by Reuters as saying.

The US Senate is expected to vote on credit card legislation later today. Obama said today that he wants a bill on his desk by Memorial Day, 25 May.

White House officials have said that penalty fees now total 15 billion dollars per year, or 10 percent of credit card revenues, reports the Wall Street Journal.

More than 75 percent of American households have a credit card, and some 44 percent carry a balance.
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iVillage Member
Registered: 03-18-2000
Thu, 05-28-2009 - 9:25am

 


Photobucket&nbs

iVillage Member
Registered: 04-20-2009
Thu, 05-28-2009 - 10:33am
Ha Ha. I'll bet MasterCard just LOVES Obama! He just spends, spends, spends. He makes Bush look like an amateur. Credit Card companies love people who are irresponsible with their money. They love people who can't pay off what they charge. That's how they make all their money. They will make a mint off of Obama! ;-)
iVillage Member
Registered: 03-23-2003
Thu, 05-28-2009 - 11:24am

Nah, I'll just set up autopay with our bank.


iVillage Member
Registered: 03-23-2003
Thu, 05-28-2009 - 12:41pm
PersonalFinance: What credit card holders should know
http://www.reuters.com/article/reutersComService4/idUSTRE54Q41A20090527
Wed May 27, 2009 12:26pm EDT


Avatar for claddagh49
iVillage Member
Registered: 07-20-2004
Sat, 05-30-2009 - 9:40am
Nope, I believe you are wrong, once the debt gets too high, and the customer isn't paying his/her monthly payments and or getting too far in debt, it's turned over to a collection agency. That is a FACT.

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