This news means a lot to the cash-strapped Kate. She has been complaining about the late fees that she has to pay. “I can’t understand their rate of interest!” is one of her most-repeated comments in the last few months. She had to take a pay cut to hang on to her job. Which means the late fees is cutting really deep into her earnings. With Obama’s declaration that he’s looking to end these days of exorbitant late fees attached to credit cards, Kate is hopeful she’ll be able to get over the trauma of coughing up absurd late fees. Have you ever been in a similar situation like Kate? Do you think credit card companies must be reined in? Have they been making millions in unfair credit card dealings?