The president pushes for a new law that will provide additional protection for credit card users.
Wired PR News – President Barack Obama sought to make good on campaign promises Thursday as he pushed for the passing of a new law that would provide protection for credit card users. As reported by the Associated Press (AP), Obama pledged support for measures that would eliminate a number of the major issues that lead to increased credit card debt for consumers, including sudden increases in interest rates.
Obama is quoted by the AP as stating after a White House meeting, “The days of any time, any reason rate hikes and late fee traps have to end… 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.”
As noted in the report, credit card debt in the US had reached $963 billion by the beginning of this year according to White House data.
Photo Credit: Paul Vlaar