In his weekly internet and radio address today, President Barack Obama called for on Congress to pass a credit card reform bill that would “stop credit card companies from imposing certain late fees,” by Memorial Day.
Coming in on the side of consumers, Obama said that “it is past time for rules that are fair and transparent.”
“Instead of an ‘anything goes’ approach, we need strong and reliable protections for consumers. Instead of fine print that hides the truth, we need credit card forms and statements that have plain language in plain sight, and we need to give people the tools they need to find a credit card that meets their needs,” he said in his weekly radio and internet address. “And instead of abuse that goes unpunished, we need to strengthen monitoring, enforcement, and penalties for credit card companies that take advantage of ordinary Americans.”
President Obama also said that Americans “have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all too common to our credit card industry.”
Watch the video here:
With so many consumers struggling in the recession, many under mountains of debt and the economic picture not improving, Congress can’t afford to wait on passing this legislation that will help consumers rather than allow credit card companies to continue to make bank by “misleading working families.”