White House to Look at Credit Card Fees
There was an interesting story in the Wall Street Journal today about the White House preparing to look closely at credit card practices.
A subscription is required to read the WSJ, but we'll sum it up here for you here! The article is based off an interview that White House economic adviser Larry Summers gave during a Sunday talk show. There are few (ok, zero) details about what President Obama would actually do, but there are two major bills working their way through Congress right now that would speed up a host of reforms currenty slated to take place in 2010.
We've blogged before about how the credit card industry has been targeted for "unfair and deceptive practices," such as raising rates even if you are late on a payment for a different card and applying payments to the card with the highest interest rate. What do you think should be done?
Posted by: rjrjj | April 20, 2009 2:47 PM | Report abuse
Posted by: ylanmui | April 20, 2009 4:29 PM | Report abuse
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