Obama Plans To End Credit Card Traps

Send Inspiration EcardsThis 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?

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7 thoughts on “Obama Plans To End Credit Card Traps

  1. Oh yes the credit card companies often fine people even when the bill has been paid in the last few days before the due date. They gave plenty of reasons for that, say the company has not received the cheque, it takes days for transaction to go through, etc. Then there is the bank fee, for having no transactions!!

  2. Darn right! credit card banks are way out of control. I have one credit card right now, I kept this one because of the low interest rate – but low and behold, the rate has jumped sky high! I am paying $15.00 more on the payment a month than I used to pay. and that’s not all if you are even a day late in sending the payment you are charged a whooping $39 late fee. That should not be allowed and I am glad that President Obama is going to put an end to this robbery – and It can’t be too soon for me!

  3. All credit cards are out of control….Thats why so many famlies have to go bankrupt and lose their credit ratings. Due to high rates and charges that are way out of control…..I hope Obama can stop these companies and banks from charging high late fees and interest rates! Good luck

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