Obama pledges protections for credit-card users

President Barack Obama is throwing his support behind proposed legislation that would place restrictions on fees credit card companies charge consumers. Obama is demanding that credit-card issuers “eliminate some of the abuse” in the industry, citing sudden rate increases.

The president is pressing for consumer protections that go beyond proposals being considered in Congress and rules issued last year by the Federal Reserve. Both the House and the Senate are pursuing bills to give consumers greater protections. Obama said his economic advisers will examine the various proposals and work with Congress and the industry, but he made clear he intends to sign a law.

As unemployment and unpaid credit-card bills rise, card issuers are under fire for policies that impose large late fees and boost interest rates on delinquent customers. Banks, reeling from the recession and credit crunch, say proposed restrictions will raise consumer costs, limit credit availability, and ultimately hurt more borrowers than they help.

Tags: Credit Cards, Recession, Economy, Obama, Education by Sistrunk

Learn which credit card is right for you

It’s easy to get a credit card when you’re in college. Both of my children discovered that. When they received their cards, they had the best intentions of only charging items when they could pay for them at the end of the month.

However, kids are kids. Both of them woke up one day to realize that they could only afford to pay the minimum balance. So it’s no surprise that they both experienced rude awakenings when they saw the finance charges and late pay penalties, and realized that they had to pay it. I am happy to say that they learned their lessons rather quickly.

Credit Cards Club is a great online resource for anyone who has, or wants to apply for, credit cards. The website offers ratings and reviews on virtually all the major credit cards. You can even find cards issued by specific banks.

If you have a good credit score, Credit Cards Club can identify cards with the lowest APR. In fact, major credit cards are listed in several categories. In addition to sorting by APR, cards are listed according to fees and rank.

Several informative articles are also on the site. If you need debt repair, advice is available. Do you have a low credit score, or are you seeking to rebuild your credit? Cards designed specifically for people with bad credit or no credit history are identified. I find the information on business credit cards and those that offer gas rewards especially helpful.

Learn about credit cards in an objective environment. Any visitor to the site will appreciate the tips and financial articles. All of the information is free. Visit Credit Cards Club, take your time clicking through the pages, and discover which cards are right for you.