A timely Presidential message to credit-card companies
A timely message to credit card companies on rates and fees seen in the Kansas City Star:
White House meeting on credit-cards, which comes as many consumers are being hit with interest-rate increases even though they haven’t missed payments. Obama rightly said that sort of thing should stop.“The days of anytime, any-reason rate hikes and late-fee traps have to end,” he said. Read the full Article from Kansas City Star.
It is about time that credit card companies have to play on a more level playing field with their customers, us consumers. It looks like there is some hope coming to fruition. Obama needs to keep his campaign wishes and goals.
As noted by KCS this week, the House wis going to consider a bill that would eliminate certain fees, limit the ability of credit card issuers to charge penalties and prevent marketing cards to those under 18. The bill would codify positive rules changes already approved by the Federal Reserve. On a related note, the C.A.R.D. ACT proposes limiting credit to consumers who are under 21, unless they have parental CONSENT in the form of a signature. Read the full Article from Kansas City Star.