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Credit card companies continue rip-off of consumers - Obama to Congress: Send Me the Credit Card Reform Bill
President Obama today called on Congress to pass a credit card reform bill so he can sign it into law by Memorial Day. “The abuses in our credit card industry have only multiplied in the midst of this recession, when Americans can least afford to bear an extra burden,” President Obama said in his weekly address. “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.” The president highlighted abuses in the credit card industry -- including Americans getting ripped off by sudden rate hikes, unfair penalties, hidden fees and fine print that all too often hides the truth.
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