President Obama and the Credit Card Industry

In his weekly radio address, President Obama addressed the issue of credit card company abuse, including raising of rates indiscriminately, and hidden fees and penalties which victimize millions of consumers.

He advocated government monitoring of credit card practices and tighter enforcement and penalties when credit card companies take advantage of ordinary Americans. 

It is well known that credit cards can "enslave" people in constant debt from the college age onward, and that even people who pay their bills promptly and in full often are taken advantage of by the credit card companies.  This situation has been worsening in the present recession, including unjustifiable cutting back of credit limits against people who have always been good payers.

There is no doubt that the President has hit on an issue which most Americans can applaud the intervention of government.  Hopefully, there will be reforms in this area of the economy very soon!

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