Obama to hold town hall meeting on credit cards

[RamboLiberal]

Source: Reuters

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.

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.


Read more: http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN0850067320090508

[customerserviceguy]

1. If they implemented by July of this year

it would be too late. From what I've been reading (here and elsewhere) the predatory banks have already jacked up card rates.

[Rabrrrrrr]

2. Yep. And jacked them irrespective of anyone's credit history.

"You paid your bills on time, so we're raising your rates"

"You don't pay your bills on time, so we're raising your rates"

"You have a low credit score, so..."

"You have a high credit score, so..."

and so on.

Obama should have addressed this in late January, and given the credit card companies 2 days to go a maximum of seven percent.

[mikelgb]

3. I see why corporate msm now wants veto over obama events

[xchrom]

4. fait accompli -- the rates are already raised --

the banks and cc companies will be given at least 12 months to comply with any regs -- though they didn't 12 months to raise them out of hand.

at this point it's a dog and pony show.

[DJ13]

5. Good

I hope every single person there asks why their rates have increased.

I voted for Obama in both the primaries and the GE, but like any politician he wont deal with something unless it looks like not doing it could cost him some support, so he needs to be prodded on issues the elite classs isnt concerned with, but that are important to everyone else.

[stillcool]

7. so why do the Town Hall at all?

[FailureToCommunicate]

6. Yep, B of A raised mine. And I hear they using their chunk of Fed Reserve "advance"

(as in from us) to lobby congress to NOT mess with credit card regulation! It's like paying for a carnival ride after which you throw up...and realize they took your wallet while you were upside down...

[troubleinwinter]

9. Hah. White House military guy sat on the board of a mortgage bank that went belly-up last year

Indymack. We paid points and fees at the beginning of the loan years ago to have an emergency "equity line" in case of dire emergencies like unemployment. Dire has arrived. What we were sold by the bank he sat on was a fake.

Though we paid these points, the bank that he was sitting on the board of, went kaput. We won't be able to recoup the money we frittered away on on points and fees to his bank.

He also sat on a board invested in ABC, CBS, NBC, and FOX.

[Iowa]

11. Why would anyone patronize a predator like B of A?

Unless you're talking about an unpaid balance you're trying to pay off, switch to a credit union. If for no other reason (and there are other good reasons), do it as a matter of principle. I stopped patronizing banks years ago.

[troubleinwinter]

8. Fucking hilarious. He voted against 30% cc interest cap and now performs "town hall meetings".

Bread and circus.

[Connie_Corleone]

10. He voted against 30% cap because it was too high.

He wanted a lower cap.

[troubleinwinter]

12. And he proposed what alternative cap? His proposed amendment was? Present cap is?

Here's a hint: There is no cap.

[liberalhistorian]

13. Yes, and I'm sure President McCain and Veep

(R-Idiotville) Palin would have done sooooooo much better. :eyes:

[troubleinwinter]

14. McCain & Palin made Obama vote against the cap??

[Honeycombe8]

15. Silly me. I assumed the Town Hall mtg re CCs would be about: NOT charging anymore!

THAT'S the big problem, as I see it. I see now that it's about the upcoming changes to the CC laws and regs to hopefully help people already in trouble.

But no Town Hall Meeting about credit card debt would be complete without preaching to the masses that they should not, if at all possible, CHARGE ANYTHING TO A CREDIT CARD. EVER. PERIOD.

IF YOU CAN'T PAY FOR IT AT THE TIME OF PURCHASE, THAT MEANS YOU CAN'T AFFORD IT. You wanna borrow money from someone so you can get that new 6-disc CD player? Well, guess what? It's THEIR money you're borrowing. It comes with strings attached. Rightly so. When I give someone money, it gives me a right to ask questions and attach strings. Solution: Only borrow money when absolutely necessary.

Then when you MUST borrow money for a necessity, pay it off in full when the bill comes in, even if it means eating on $20 a week for that month. If you can't do that, pay it off by the second bill.

When you don't charge, or pay off the cc bill when it comes in...it doesn't matter what the rate is. So you got to borrow money for free. Now THAT'S a deal!

[sarcasmo]

16. A top limit rate needs to be set. I don't know what the number is but I know 29.5

Percent is extortion.

[bemildred]

17. Obama Favors Limits on Credit Card Fees

WASHINGTON — President Obama on Saturday called on Congress to pass a bill intended to stop credit card companies from imposing certain late fees.

Saying that he is focusing on “clearing away the wreckage of this recession,” Mr. Obama focused his weekly radio address on the credit card legislation in Congress.

“Americans know that they have a responsibility to live within their means and pay what they owe,” Mr. Obama said. “But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all too common to our credit card industry.”

Mr. Obama will hold a town-hall-style meeting on Thursday in New Mexico to promote the legislation, White House officials said. The House has passed its bill; a slightly different version awaits action by the full Senate.

http://www.nytimes.com/2009/05/10/us/politics/10address.html?hp

[troubleinwinter]

20. Sure. He "supported" a cap last time too. Then voted AGAINST it.

[CBR]

18. He should come here to Wilmington, DE to discuss CCs. nt

[Wednesdays]

19. K&R

:kick: