Obama is pushing credit card reform legislation that will hit at the predatory practices of the credit card companies. Not so say that all are bad, but there are enough companies which lure people in with low initial rates and then raise the rate even on past purchases and without knowledge of the people who owe the money. People have obviously been taken in as the interest rates can go up to the vicinity of 30%.
Obama argued for reform and transparency in the credit card workings.
“Enough’s enough. It’s time for strong reliable protections for our consumers. It’s time for reform that’s built on transparency and accountability and mutual responsibility, values fundamental to the new foundation we seek to build for our economy.”
Its time for change.. to world where one can charge that you can “believe” in!
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