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CBNNews.com - President Obama is set to meet with credit card company executives to discuss what many say are deceptive practices in the credit card industry.
The meeting comes at a time when Congress is planning to impose greater regulation and oversight on credit card companies.
Meeting with Obama is largely symbolic, but it's basically saying to the companies, adjust your deceptive policies voluntarily, or we'll do it for you legislatively.
It will be interesting to see what the credit card companies do in response.
CBNNews.com - President Obama is set to meet with credit card company executives to discuss what many say are deceptive practices in the credit card industry.
The meeting comes at a time when Congress is planning to impose greater regulation and oversight on credit card companies.
Oh god, I can not WAIT for this to happen. I've been getting screwed by my credit card company, I've found it near impossible to pay down my balance, I keep getting outrageous late fees or overlimit fees, my interest rate just almost doubled. It's ridiculous & it needs to be stopped.
Oh god, I can not WAIT for this to happen. I've been getting screwed by my credit card company, I've found it near impossible to pay down my balance, I keep getting outrageous late fees or overlimit fees, my interest rate just almost doubled. It's ridiculous & it needs to be stopped.
and it doesn't make it any easier now that these banks are merging into one.
GREAT!!! I have noticed my cc adding on "Balance and finance fees" even though I pay it off on time. Outrage.Good Obama! Another reason to support you.
and it doesn't make it any easier now that these banks are merging into one.
I agree. Several years ago I attempted to transfer a balance from a Bank of America credit card to a lesser known credit card company (I forget the name). I was prohibited from transferring the higher interest BoA card to the lower interest card because the lesser-known company was owned by BoA also. Basically, they said you can't transfer balances within one company.
As soon as I paid that card off, I left BoA in the dust and never went back.
These banks are acting outrageously... doubling interest without notice... dropping folks who pay on time... sneaky fees... preying on college students... I know they need to make money but they have to make it honestly.
What gives the President the authority to tell a private business what to do?
Protecting people from corporations was one of the original tenets, the foundation of the governmental system in this nation. After having fought a war for independence from corporate rule, it was bound to be. And they wanted to ensure history didn't repeat itself, and levied strict controls over how businesses were run via corporate charters.
But over time, corruption prevailed. Politicians got bought over, as they depended more and more on the mercy of political contributions, which brings us to the present day.
I'm glad that something is being done...I don't owe any credit cards, but from past use I hate credit card companies..
But I have a question and it's just a question nothing more..
What gives the President the authority to tell a private business what to do?
I'm on his side on this one...
The consumers are being abused. I don't believe he's trying to tell them what to do, but more likely warn them of the consumer laws that he is trying to get out there to protect the consumers. Its not necessarily the credit card companies that are cleaning up, but more these collection agencies and law firms.
The courts are swamped with these Civil suites against consumer due to the abuses of the credit card companies. They write off the debt, sell them to these agencies for pennies on the dollar, then the agencies and law firms suit the consumer for double the balance.
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