President Barack Obama wants the credit card industry to straighten up its act.
Barack met with industry representatives on Thursday afternoon to tell them how the current economic climate is affecting their customers. He argued that consumers have to shell out more money than they expected because credit cards have become overly complicated.
Although the credit card industry has made steps to end unfair practices, lawmakers are drafting legislation that will strengthen the new regulations. After the meeting, Barack outlined some key things that he wants added to the final bill.
For starters, he wants to forbid credit card companies from imposing unfair rate increases and abusive fees and penalties.
The president would also like the language on all credit card forms and statements to use plain language so that it can be better understood by the average consumer. And he wants to do away with fine print as well as confusing terms and conditions.
Furthermore, he wants companies to give customers easy access to contract terms. He also wants them to provide information that would allow prospective customers to do some effective comparison shopping before they sign any agreements.
Finally, he wants firms to offer at least one card that gives consumers the most solid protections with the simplest terms and prices.
— Sonya Eskridge