Obama To Meet With Credit-Card Executives

Wall Street Journal:

WASHINGTON -- President Barack Obama will attend a meeting Thursday with executives from top credit card companies as his administration moves to crack down on certain fees and other penalties, a White House spokeswoman said.

When the meeting was announced last week, Mr. Obama was not expected to attend. Instead, Treasury Secretary Timothy Geithner and National Economic Council Director Lawrence Summers were expected to represent the administration's position.

Read the whole story: Wall Street Journal

Comments

[Rippledesign]

Credit cards: This is the anger that will boil over- banks propped by consumer tax money- then banks destroy the consumer -
Why is the Obama administration allowing credit card company's to wait a year before the new regulations take effect? It should be retroactive - its too late for many now let alone a year from now.
- More to the point why are they allowing Citi to jack up every possible angle on credit card holders.? They are receiving tarp money- I can only think that there must be a strategy on there part. They will force me into bankruptcy.
There actions to me have been aggresive, deliberate and undesaerving
If you want to know why consumers are not spending, this is a huge part of the reason- i have no credit with credit cards any longer.
I have always paid on time and used credit to build my private business- which i can not longer do.
We need to organize protests.
This is the anger that will boil over- banks propped by consumer tax money- then banks destroy the consumer- this will not hold- its criminal
sincerely

[Isis N]

Wouldn't it be nice if this meeting was actually a set-up to put all those in charge in jail?

[Dunderslapoldmen]

back later...going to watch 24...

[Harmony1812]

These guys are worse than loan sharks. Loan sharks don't raise their rates after you make a deal.

[Dunderslapoldmen]

Repeat after me..." I will not use the CC anymore. I will do whatever it takes to pay off my CC debt and not use them anymore." 5-4-3-2-1, now wakeup...

[FloridaMich]

anyone notice the ad for creditcards.com that comes on when you are waiting for posts to update in this article?

[Dunderslapoldmen]

Why don't we outlaw credit cards?

[Dunderslapoldmen]

I know, I know,,,Bush made you charge all of it..

[Dunderslapoldmen]

So all of you out of control CC users want the gov't to take care of you. Ever heard of self discipline?

[FloridaMich]

ever hear of no money for food?

[Dunderslapoldmen]

So you have no food Florida? Let's figure out a way to get in touch and I'll send you some money for food...deal??

[Harmony1812]

It's so easy when you don't have to walk in other people's shoes.

[Dunderslapoldmen]

Cry me a river....

[Lemeritus]

It would be nice to think this won't be just another exercise in rhetoric. Unfortunately, when I hear people like Larry Summers focus on "timing" and "disclosure", I don't get the impression that these talks with have very much to do with sky-high interest and onerous fees. Debra Wasserman Schultz expressed a great deal of outrage at the "usurious" fees the Cuban government takes from every dollar remitted to that country (30 cents or 30%); it would be nice if we could turn her attention to more domestic situations.

[TchoupitoulasCanal]

I paid off all of my credit cards and, after reading a number of articles regarding the obscene increase in interest rates and fees, I'm happy that I did.

[Dunderslapoldmen]

Very wise TC...

[Dunderslapoldmen]

i've never read so much whining in quite some time..If you don't like the usury fees charged by the CC companies, don't use the darn card...don't you get that??

[Advanta]

You may be right.

However, FREE legal advice from top lawyers 24/7 should also be our birth rights in the US.

Do not you get that too?

[Dunderslapoldmen]

Heck advanta, let's go 1 step further and make everything free...

[slipthalo]

"However, FREE legal advice from top lawyers 24/7 should also be our birth rights in the US."

And where is that written?

[dannydog]

This is good news. The credit card companies are no better than drug dealers. They target potential victims, give them a cheap taste, raise the price over and over and over with no thought to the fact that in an economy such as this many will be forced into bankruptcy and they most likely won' t see a cent unless their customers can be sued, assuming they have anything of value left. They'll try to get it all while they can but they will never truly Get It.

Due to political whores of the financial industry (the reprenhensible Phil Gramm, that paragon of Conservative economics comes to mind here) the average Joe has been getting screwed by these mega-banks since the Reagan administration (surprise, surprise). The bankruptcy laws have been made more restrictive, so along with the spiraling cost of health insurance and the resulting increase in the uninsured, more and more people will be losing their homes in order to pay these parasites off. If we are the majority shareholders in these institutions we have the right to reign them in.

[Dunderslapoldmen]

So dannydog, which CC company forced you to charge goods on their card..?? be specific..

[slipthalo]

You don't have to make current charges - cancel your card and make your payments on time to eliminate that debt and they'll find some reason to raise your credit rates. Then when you complain and ask to have the interest rate lowered, they'll tell you they can't because the card is cancelled - but they can raise the rate even when it's cancelled. Makes no sense.

[LeLoup]

Educate yourself before posting will ya?

[MANK]

They make the Mafia look like charity!

[groucho]

Best news I've heard all week. He intervened twice during the G20 and was successful.