Obama & Credit

President Barack Obama will step up his push for credit-card legislation with a town-hall meeting in New Mexico. With the Senate slated to vote on its credit-card legislation this week, Mr. Obama is seizing on Americans' complaints about interest-rate increases, penalties and fees for their cards. President Obama said "You shouldn't have to fear that any new credit card is going to come with strings attached, nor should you need a magnifying glass and a reference book to read a credit-card application,". I see that the president has alot of new plans with the credit cards and is concerned with the public opinions. It looks like he is going to change those terrible fees that credit card charge and lower interest rates. One problem is that the credit card companies arent willing to give in. Credit-card companies are lobbying against further changes, saying regulations approved by the Federal Reserve in December will transform industry practices. Industry officials say a quicker implementation or different rules could force lenders to cut off some consumers entirely when they need credit the most.Regulators have since taken steps to address the issue. The Fed regulations, scheduled to take effect in July 2010, would ban retroactive interest-rate increases for existing balances, force clearer disclosures and require advance notice for changes to card terms. The House recently passed legislation that, among other things, would codify those changes into law. The Senate is expected to begin debate as early as Monday afternoon on legislation that could impose even-stricter restrictions on credit-card companies .