President Barack Obama continues to be an all out supporter of the credit card bill, which is aimed at protecting credit cardholders from some of the shadier practices of the credit card industry. To recall, credit card companies issued massive interest rate hikes and late fees, which had credit card consumers crying foul.
The House has already answered the outcry of the consumers with their Credit Cardhoders Bill of Rights and Senate may release their Credit Card Accountability, Responsibility and Disclosure Act (Credit CARD Act) as early as the end of the week. Still, Obama continues to press Congress to hasten the passage of the bill, demanding that they send the bill to him by the time Memorial Day comes.
Just recently, President Obama was drumming up support in Albuquerque, N. M. where he held a town hall meeting. The meeting was attended by many consumers who expressed their views on how they have been deceived and misled by credit card companies.
Last week, President Obama released a statement where he said; “Americans know that they have a responsibility to live within their means and pay what they owe. But they also have a right to not get ripped off by sudden rate hikes, unfair penalties, and hidden fees that have become all too common.”
The credit card issue is a major priority for President Barack Obama. The number of Americans affected by the credit card crisis is staggering. The White House placed the number of households with credit cards at 80%. Of these 80%, almost half have outstanding balances. As the economic downturn continues, finding a resolution for this problem becomes more and more urgent.
The President's recent actions have not gone unnoticed in the credit card industry. Industry insiders have stated that the legislation that the President and the Congress are pushing for are already redundant as the Federal Reserve has already established new rules, which take on many of the issues that are of primary concern to Congress and to the President. The American Bankers Association has also expressed its disapproval of the legislation, saying that it could backfire. The bill could limit the available credit for credit cardholders.
After his talk in Albuquerque, Obama plans to continue on to New Mexico where he will hold another town hall meeting at the Rio Rancho High School. The meeting will be on May 14. It will be attended by a number of people who have sent letters and e-mails to the president complaining about their bad experiences with their credit card companies.