Obama Takes Aim at Credit Card Companies

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what about putting a cap on interest rates??????

Renee Kilman of OK 10:17PM April 25, 2009

okay obama is doing all he can for this country and now he's taking a stand with this country so everyone leave him alone and let him do his job and run this country.......geesh

bon-qui-qui of TX 10:46AM April 24, 2009

You must remember the wolf here isn't an living breathing animal. And if a wolf threatens your family what do you do? Kill it so by your logic we should destroy credit card companies. Not a bad idea but for real you must work for them or something because everybody know credit card companies are deceptive even if you've never been personally screwed by one.

C of NC 10:26AM April 24, 2009

I pay cash and only charge major expenses, like the car repair bill ($669). I have some savings and will pay off that bill when it arrives. Yet my interest rate has gone from 9% to 18.99% without any late payments, etc. I thank the Lord that I am able to pay off my credit card every month, otherwise the credit companies would be ripping me off with high interest rates too. I didn't vote for Obama, but he looks like he is going to be a great president.

Jack Malone of KS 4:29AM April 24, 2009

Even though I've always paid on time, on most of my credit cards - they've doubled and even almost tripled my interest rate, some to the same "default" rate as those who don't even pay their balances, and they have no reason why, and I'm not able to do anything about it right now, other than paying them. I called them and they refuse to do anything to lower the interest rate. If I were to cancel, they'd probably make me pay off the balance, which I'm not able to do right now. So now I don't use any of my cards unless absolutely necessary. Those companies should be punished for these unfair practices they're doing on us consumers

Dennis of CO 3:10AM April 24, 2009

Maybe he should focus on all these middle and lower class people about the greed they struggle with. They get credit cards they cant afford to purchase furniture they cant afford to fill they house they cant afford.
You cant blame a wolf for being a wolf when the sheep are offering to feed them

tom gowen of MO 12:32AM April 24, 2009

It's about time someone took on these crooks. Although I have excellent credit, 3 of the major credit card companies have raised my interest rate on the balances I carry. Bank of America, Citi & Discover more than doubled my interest rate on existing balances and now I'm trying to get a loan to pay off these loan sharks.
I feel sorry for people who may not be in a position to refinance or just pay off this debt.
BTW -- just got off the phone with Discover 1-800-347-2683 -- They said I have no recourse other than to pay the new rate or plead with their Customer Advocacy group in their Delaware offices and asking them for a lower rate. I never received notice until I got my bill with the new rate. I should have read the fine print when I opened the card. I shouldn’t have used their cards – even when the rate of interest was reasonable – but here I am – they got me – and also my taxpayer’s dollars.

Bob of NJ 7:04PM April 23, 2009