Consumer Law

Obama Seeks Credit Reform in Favor of Consumers

By M. Stan Herring

Associated Press writer Ben Feller has written an article about President Obama trying to reform aspects of the credit card industry.

He wants to do away with "the tricky fine print, sudden rate increases and late fees that give millions of consumers headaches."

"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 White House meeting.

The Senate and the House are both pushing credit bills that provide more protection for consumers, especially during the recession. Obama has made clear that he intends to sign the bill into law. If passed, it will come into effect next year.

We plan to follow this and keep you updated. If you have had problems with credit card debt, feel free to contact us.

Full post as published by Alabama Consumer Blog on May 08, 2009 (boomark / email).