Thursday
Apr232009
President Obama talks credit card reform
Lovisa Frost
The White House discusses new rules that strengthen consumer protection, as President Barack Obama meets with representatives from the credit card industry to discuss how to reform the system. (5:48)
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Reader Comments (1)
There is no reason for credit card rates of 20-50% when our inflation is in the low single digits and prime is in similar ranges.
There is no reason for allowing them to rape the american public with that kind of usury.
How about protecting our ecomonmy, and American citizens by putting a reasonable cap on card rates that is not more than 10% above prime?
That help stop the credit card defaults, auto loan defaults, and mortgage loan defaults, when the credit card companies force people into default on all loans by pushing rates and payments several times what consumers initially agreed to with rates less than 10% initially ... or even into bankruptcy where all lenders suffer because of the credit card abuses ... and in the end, all Americans which pickup the tab for those unnecessary defaults.