Obama signs law curbing surprise credit card fees
By PHILIP ELLIOTT, Associated Press Writer Philip Elliott, Associated Press Writer – Fri May 22, 4:31 pm ET
Snippet from external source: (visit the link for the full article)
President Barack Obama:
warned overeager shoppers and greedy credit card companies […] to act responsibly […]
didn’t champion the changes with the intention of helping those who buy more than they can afford through “reckless spending or wishful thinking.”
“Some get in over their heads by not using their heads,” the president said. “I want to be clear: We do not excuse or condone folks who’ve acted irresponsibly.”
[…] many people have gotten “trapped” because of the downturn in the economy that has turned family budgets on their heads. […]
[…] decried the “uneasy, unstable dependence” that a minority of card users have on credit. […]
“So we’re not going to give people a free pass, and we expect consumers to live within their means and pay what they owe,” Obama said. “But we also expect financial institutions to act with the same sense of responsibility that the American people aspire to in their own lives.”
Refer to articles ‘A New Era for Credit Cards‘ (via The White House – Blog Post) for Obama’s speech.
[Flynn’s Editorial: Obama appears to be helping the cause of stupid and greedy people, like moi, who happens to have a revolving line of credit, which is, all out of honest, tied in to contractual agreements. So the signed documents allow for legal recourse. And the recent law of curbing surprise credit card fees, unfortunately, falls short for those who are already paying usurious practice of charging interest on loaned monies, which TPTB still owes moi.]
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