White House Addresses Credit Card Abuses

The White House recently announced that it supports congressional efforts to bring about reform in the credit card industry. This dovetails with the Federal Reserve Board’s creation of the Credit Card Bill of Rights.

In case you don’t know, the Credit Card Bill of Rights is designed to limit the ability of credit card issuers from arbitrarily raising interest rates on their customers.

It also seeks to force credit card companies into giving their cardholders greater disclosure about the rates and fees they are being charged and how those charges are derived.

The White House is getting into the act with White House economic adviser Larry Summers calling for people to save more. Summers would like to see the marketing of credit cards regulated more tightly.

He stated that President Obama would be focusing on several issues concerning the credit card industry. His primary focus will be on credit card abuses and full disclosure of interest rates and fees.

We here at www.creditcardcandor.com are very interested to see how this final bill will be shaped. Lobbyists from the credit card industry are very powerful and as you can imagine, are vigorously opposing these credit card reforms.

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