Stock Market Investing - President Obama says Credit Card Reform is on the Cards
After my piece on rip-off credit card rates - Credit Card Rates for Dummies - President Obama has decided to invite Congress to pass legislation to reform the credit card industry so as to ensure that it is fairer and more transparent. I'm not sure if the two events are linked though.
President Obama said in his weekly address on Saturday that credit card companies too often "rip off" consumers by imposing sudden and unexpected rate hikes, and imposing unfair penalties and hidden fees.
The President says credit card users should not have to worry about strings being attached to new credit cards and credit card rates and they should not need a magnifying glass and reference book to read the application forms.
President Obama called upon lawmakers to design a bill that will tackle the credit card industry's "anything goes approach."
Mr. Obama is keen to get this bill passed quickly and so urged lawmakers to have a bill ready so that he could sign it by Memorial Day on May 25.
For tips on credit card applications from insiders see credit card applications
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