Obama Supporting Credit Card Users - President Barack Obama said he is determined to get a credit card law that eliminates the deceptive fine print, sudden interest rate increases, and late fees that give millions of consumers unnecessary burdens.
"I trust that those in the industry who want to act responsibly will engage with us in a constructive fashion, and that we're going to get this done in short order," Obama said, delivering a pointed message to leading executives of credit card issuing companies after a closed door meeting at the White House.
Credit card debt has increased by 25% in the past 10 years, reaching $963 billion by January, according to figures released by the White House. The average outstanding credit card debt for households that have a credit card was almost $11,000 at the end of 2008, according to a reliable financial industry source. |
