U.S. President Barack Obama will hold a town hall meeting next week in New Mexico to promote congressional efforts to reform credit card practices, the White House said on Friday.UGH! So let Obama listen to the poor welfare recipients complain about how their credit card fees are killing their bank balances. Oh woe is me.
Banks such as Bank of America Corp (BAC.N)>, JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and Capital One Financial Corp (COF.N) face a new set of rules issued by the Federal Reserve last year aimed at reining in abusive credit card practices.
The rules are to be implemented by July 2010, a date some lawmakers and consumer groups complain is too far away to help struggling consumers.
U.S. lawmakers are trying to codify those rules in legislation and send it to Obama this month to sign into law. Legislative efforts are aimed at stopping credit card companies from imposing certain late fees, restricting retroactive rate increases, as well as other questionable billing practices and marketing to minors.
The Senate is expected to begin debating on Monday on legislation. The House of Representatives overwhelmingly approved its own legislation last month.
White House spokesman Robert Gibbs told reporters on Friday that Obama will focus on legislation and urge lawmakers to "get something done on an issue of tremendous importance to middle class families.
"For many people credit cards provide an opportunity to finance purchases," Gibbs said. "But we think there's a more equitable way to do that and I think that those reforms are on their way through Congress."
And Congress can come up with a plan to stop the evil credit card companies from collecting the money they already pay for people to buy things they can't afford!
If you can't afford it, don't buy it. And if you don't have the money to pay off your credit card, DON'T USE A CREDIT CARD! You SHOULD be fined and you SHOULD have to pay it.
I'm growing exceptionally weary of those who think the government should change everything about their life that they don't like.
Well I don't like Mondays, but they come around eventually!!!