CNN

Credit card companies have been ripping off the consumer for many years. Anyone who denies this is as crooked as they are.

Dace – I am in your situation as well. I have had the same card over 10 years, rarely carry a balance, never a late payment and my credit score is also over 810. I was recently informed by BofA, that my limit was being reduced from 25K to 15K, due to the "history of card use", i.e. I don't use the card much and not making them money. If anyone knows about how credit scores are determined, that reduction in my limit resulted in a loss of credit rating. Amazing.

It sure seems like this could have been avoided a long time ago, if people had READ the paperwork they signed when applying for a credit card. It's plain and simple–the card companies state that they can change the terms of the agreement whenever they want to, however they want to do it. Shouldn't that be a warning flag, at least? If people had refused to deal with companies that claimed they could change contractual terms whenever they felt like it, those companies would either be out of business, or giving us a better deal!

I'm definitely NOT on the side of the credit card companies. I just wish that the sheep-herd of American consumers would use good judgement and strict budgeting.

Look what side the right wingers are taking on this one!

Are they so vile and full of hate that they just automatically put down whatever their new president does?

Or do they support the criminal racketeering that these credit card companies are committing against consumers every day?

Either way, they are on the wrong side of the issue – AGAIN!

This is what happens when we elect a President who doesn't "brown nose" Coporate America litke 99.9% of the Refiblicans in office we've seen.......because Lobbyists and PACs have traditionally purchased a Coporate President who could care less about the hard working middle class...

I am on the fence on this. The credit card companies hate people like me because I pay the cards off every month and never have a balance and I also have no idea what the interest rate is on my cards as I don't care. The interest rate could be 50% for all I know. But for the many that have lived outside of their means and carry a balance, cut the cards up and use cash. that is the only way they will get it under control. Figure out the difference between needs and wants and pretty soon the balances will disappear. Our economy should not be built on consumers buying a lot of stuff today and not paying for it for years. That is just stupid. I think Obama has more important things to do than do much meddling in credit cards.

Obama/Biden 2012

Democraps are just plain idiots. Go out and work if you need something. Quit trying to have the government give you everything. What a bunch of lazy worms. Socialism on the rise. Wake up and smell your own coffee. I'm tired paying for yours.

Credit card companies have gone way too far with its greed and deceptions. If the deadline for payment is today, the credit card company such as Barclays cannot tell customers that the actual closing time for payment is 7 PM of the due date after fact and then charge $29 for missing 7 PM by 1.5 hours on a balance of less than $200. Why should we, the taxpayers bail these crooks out?

"Americans have a responsibility to live within their means."
Yeah. And the RESPONSIBLE Americans DO. The 5th generation welfare leeches who have been taught that they are ENTITLED to get free this and free that without working for it–that is taking honest taxpayer money and giving it to people who, hand to God, will actually wear Gucci to pick up their welfare checks. That's taking food out of the mouth of hard-working Americans–that is theft, pure and simple.

People blame Bush for the recession–Obama included. (That was most of his campaign platform–although most of his campaign was based on "Look how black I am, you must vote for me or be branded a racist.") Well, I have news for you. The economy was starting to get better. After 9/11, people stopped flying, which hurt airline industry, hotels, restaurants, and tourism–which in turn, affected employment. Tada, economy takes a turn for the worse.

I have NO doubts that this is yet another attempt by Obama to control our money even more. Remember–if the government controls your money, your housing, and most importantly, your freedom of speech; they OWN you. As in USSR, fascist, throw-you-in-the-gulag-if-you-disagree, OWN YOU.
This is not a presidency. This is a Reich in the way-too-swift making. I can't believe how people are handing back their freedoms hand over fist to people who use the Constitution for toilet paper–in exchange for nothing more than pretty words.
Come on America, wake up! We've been had by con artists!

I agree with most of the reforms. But it is certain to result in tighter credit to consumers. There will be less credit available to low income consumers and smaller balances available to middle class consumers. I think this is good, less people will be able to get in over their heads. But it will slow economic recovery and growth for a while until people get in the habit of saving and purchasing with cash.

This is one area this Republican is 110% behind President Obama on! These credit card companies are ABSOLUTE crooks! Go get 'em Mr. Obama!!

You're crying to the very people that just took over these banks via the porkulus packages. Will you never learn.

Obama can't talk about high interest rates, cross-generational debt, and hidden fees. His budget's depending on those very things. Congress won't outlaw predatory monetary practices because it'd put Obama out of business!

How about ; to be fair and transparent we actully take the time to read and understand what Congress quickly comes up with this time?

The unknown calls start at 8:16AM and end in between 8:15PM-8:30PM. Even they call on Saturdays and Sundays too.

In this economic crisis where a normal person can stand and survive with this phone TORTURE.

Bank of America is the most UNETHICAL bank system in this world.

I was not able to pay a month payment and Bank of America started calling me 13 times a day with unkown numbers. They (the system) leaves voice message if you don't answer the call. I informed BoA my situation when I was paying bills in time and requested I may not able to pay after a month or two.

Didn't government have any regulations against this kind of torture from Bank of America?

well, joe, the vp, biden must be buying time for the credit card industry.
why rates would dramatically increase on customers that always pay on time and rarely carry balances over a thousand.

and why not reform effective now, not 2010?

all things granted by government are served on a platter of taxpayer expense

This almost sounds like a good idea; however, as usual with Obama, what's the ulterior motive? What is the other hand doing while we all watch him wave the credit card in one hand? Just like the Fly over he ordered, and sacrificed someone's career for his photo of the SOL reopening....you must remain wary of this most polarized and mistrusted leader of our time. Some how, his supporters are going to get money from this credit card legislation, and strenghten the liberal base...count on it...it just hasn't been discovered yet. However, if you look back at ANY action of Obama's there's not one where he didn't reap some reward for minorities or liberal supporters. His agenda doesn't have the best interest of the country in mind.

Will congress really fall for this urgency game play again or will they actually read what they are going to vote on this time?

It's about time!! Thank God for President Obama, a man of integrity that finally puts a stop to this madness of the credit card companies. I will never get out of debt because of the finance charges alone!! And now, when you make a payment well above the minimum, the credit card companies are decreasing my line of credit.... it is killing my credit score!!
I hope Obama put's a law in place to stop this too...

Exactly their reign of financial terror is only expanding. I just got a letter from B of A stating that based partially on credit history review they are lowering my credit from 32K to 15 K. I have a credit score near 800, never missed a payment in 35 years, have perfect credit, and have never had a negative remark on my credit. It is outrageous they say it is based on my credit history. I never use the card I do not carry any credit card debt – but at least they should tell the truth – B of A sleaze ball liars do not want the risk so they damage my credit. They have no accountability and can do anything they want without limit.

you are the best.

It's really about time that someone stepped up to these money-hungry, price-galging vultures. That's why I don't own credit cards. As long as you remain in dept, you'll always have someone there breathing down your neck, getting in your personal business, with their hand out making threats on your personal assets including but not limited to your credit. If you need bad credit you certainly don't need credit cards to get started.

Credit cards only compound your worries.

Look, I know CNN won't post this because that's what media does...edit for ratings (well to keep the FCC off their backs too), but hey when you're controled by the government you're very limited as to what you can say and do if you want to put bread and milk on the table for your family. I still love you CNN. It's such a sweet misery.

This can't come soon enough for me. I've had my present card for years. I do carry a balance, but I've kept current with my payments since I opened the account.

I was "informed" my rates would be increasing in a mass of boilerplate 10 pages thick in 8 point type single-spaced that came out in October, with no indication that anything had changed, even - it was almost exactly like the annual statement they always send out (except for a couple of numbers somewhere in the middle).

When the January bill came due my revised finance charges triggered YOWZA! overlimit fees and service charges close to $100 extra above my usual payment, and I know I'm not the only one who had some sticker shock.

Anyone who thinks the current regs have _human beings_ in mind, I hope you're medicating that OCD. Credit card companies need to play fair and deal honestly with their customers.

I agree, these credit card companies are out of control. Loan sharks. People are down and out and they steal millions from taxpayers, i.e., Bank of America and then they turn around and raise interest rates.

Far too little and far too late ... since nearly all financial institutions have already acted to rate jack, reduce credit lines, raise and/or create new fees to increase their cash flow and balance statements ... most certainly usual and predictable banking behavior punishment and abuse tools to make honest hardworking people pay for their industry wide losses due to wide scale predatory practices cloaked behind contract fine print that frustrates and even causes attorney heart attacks and consumer suicides.

Current pending Senate and House proposed laws are nothing more than a joke due to the usual same old smoke and mirror feeble PR attempts to make it appear that something meaningful is being done when is fact it is not.

It's all a game, the damage is done! The only way to make what has been done to consumers right is to make the banks pay restitution for what has taken place these past years but then you and I know that will never happen. It's just more of the same o business as usual some nine months to a year away under a different name.

Simple ... during a period in time the Federal Reserve has acted to stimulate the economy by reducing rates, etc., the financial institutions have acted to increase credit card rates ... makes perfect sense to get the US back on track, right?

It is a given that in President Obama's heart he knows this to be all true, but then he is only President, and real change in Washington will never take place. I guess that is why its called politics?

The only thing in common between the banks and consumers is we all got really big raises!

yes banks can no longer rip us off. thats the guv's job

Go get them Mr.President,they are nothing but financial rapists.

Control that money Obama. Socialism is his agenda. Wake up America!!!

Obama should know......he and his minions are the reason we are in this mess....

Thank you President Obama. You continue to be concerned about the average person and I for one appreciate it.

He has a laid back kind of humor that I enjoy....He's natural...No pretense....Effortless...He's the Man (No disrespect)....

Credit card reform is needed. Good job Mr. President. If any Republican has a problem with this policy perhaps they would like to pay the rate hikes, penalities and hidden fees for those Americans that do have a problem with these credit card companies. The President yet again looking out for the middle class. Thank you!

First of all Timmy and the boys over at treasury who were in the private sector won't let this one get out of hand, I mean citibank is after all one of the companies considered too important to fail and if it weren't for predatory practices and many strings attached they wouldn't even be in business. Secondly a much more sustainable way to go in the age of multi trillion dollar corporate bailouts would be price controls. If the government is going to pay these guys with our money, actually our grand childrens money, then the logical next step is to exert some control over the markets, otherwise there will be no end to the handouts.

A credit card company should not have the right to change their rates on you whenever they feel like it if you have not violated the agreement. They should also not be able to base their rate and lending decisions on existing customers on other non revolving credit accounts.

Bravo, Mr. President! And one important reform would be to prohibit credit card companies from reducing or closing credit lines based upon issues in a person's credit report, even if their history with that particular credit card company is flawless.

The credit card companies have worked VERY hard to get Americans to ~depend~ upon their credit lines. Many small businesses - most of whom encounter cyclical revenues - depend on credit cards and credit lines to stay current during slow times. Finding out that a credit line you were depending on is suddenly no longer there, or has been reduced to a fraction of its original size, makes cash flow managment more difficult, and has caused many good companies to have to close their doors.

It's time for the credit card companies to accept that their profits come with the responsibility to be respectful of their customers.

I have heard that banks are railing against t his bill stating that this would make getting credit harder for most Americans. I must say that it may be a very good thing if a lot of us have a harder time getting credit. I think credit is given away too easily these days to a lot of folks who should not have it. This is a huge reason we are in the state we are in now, credit became too easy to obtain due to the greed of the banking industry and Americans somewhat unwittingly became the cause of financial ruin in America due to their own greed and inability to restrain their desires of more, more, more.

Lets make credit harder to gain again. Lets force Americans to spend wiser and be more mature with their money. This "backfiring" as the banking industry calls it, could ultimately be the key to better days in America. Don't they always say that the reward you earn is paid with pain, blood, sweat and tears?

I love the use of the word "transparent". Credit card company's are transparent, granted you need a magnifying glass to read them. But thats more than this administration and any other has ever been with Americans.

This will cut off credit to less qualified consumers, which sounds good to me, but it will cost Obama votes... until he mandates they offer cards to questionable borrowers later on.

CC debt is the next big whammy that will hit the economy. A recent newspaper article indicated that the average household has $33,000 in cc debt. For other like ours that have less than $500, there must be some with $60 – 70,000. No job, no income, no payments, more charging.... the other shoe is yet to drop.

How about creating a fine print for financial firms that covers

- If, at anytime, the public finds your T&Cs a ripoff, we will strip all top executives' compensation retroactively and including their (former/current) relatives' possession that came from their (execs') compensation?

BTW, letting Madoff's wife (former/current/future?) keep her property is a crime! There are no ifs or buts about this!

How about creating a fine print for financial firms that covers

- If, at anytime, the public find your T&Cs a ripoff, we will strip all top executives' compensation retroactively and including their (former/current) relatives' possession that came from their (execs') compensation?

BTW, letting Madoff's wife (former/current/future?) keep her property is a crime! There are no ifs or buts about this!

I say AIM and FIRE forget the get ready. The bank credit card business is a loan sharking business aimed at the least able among us, nothing more. If it tightens up credit, well some of us are better off not getting into the debt cycle owing our souls to bankers.

Of course there's no time to delay, credit card issuers NEVER delay to jack up their interest rates, terms, lower available balances.

And usually they announce it after the fact, or better yet, you just get surprised. Now, they WILL howl about the change to come. And probably send armies of lobbyists to squash any change to their cash cows. Can't come fast enough for most people.

This is the first Obama action I support. If he gets more to the middle I will supprt him more.

This is one issue that I agree with this sorry sack of a president. Good call Obama. Too bad you are a traitor to this Nation and our Founding Fathers!

I agree that the credit card companies can be scam artists. They will double your interest rates just when you need the credit the most. The major problem though is not with the credit card companies, just like it isn't with the banks, car manufacturers, or mortgage lenders. We the People seem to think that we are all entitled to everything we want and everything that everyone else has. Whether we can afford it or not. Our grandparents did not live on credit. When we borrow from banks by mortgage, credit cards, or loans, we go into a contract. This is by choice. Most of us have made financial mistakes. By putting the burden on "bail outs" to remedy the situation, no one learns anything. The bad guy is in the mirror. How many times will we have to learn this lesson? Viva la depression. We need it!

Let’s see, the government owns the banks, the auto industry, and now the credit card companies. Next steps are health care, gun control, and education. One step at a time and you sheep still don't see what's coming...

To hell with all the fat kat,the crook bank ceo your days are #,now we finally got someone looking after the poor mr.president go get dem,and i can't wait to vote for you in 2012

I know. My credit card companies have all tried to jack up my interest rates even though I have consistently paid on time. Our tax money is helping to keep them alive, and they are ripping us off. Something seems unequal there

Oh, I agree... as well as the mortgage companies! Something has to be done with these leaches who are draining the American Public! They have preyed on us like parasites... and they continue to do so despite all the tax money that has been pumped into their failing companies... now there is NO mercy for the very victims they have created! If a bank or loaning institution checks your credit and says you are qualified... there are those out there who believe them. And now as the economy bottoms out they are losing their butts, but NOT the banks and loaning institutions.

I'm sure this man will run my country like he ran his presidential campaign! Outstandingly! And that's my PRESIDENT! My children's future looks GREAT!

Thank you President Obama for looking out for average Americans instead of putting big business first.

Yes, the credit card companies and business in general are impatient to cover their losses and turn unusually high profits killing the recovery and forcing a return to the credit laden ways which caused our meltdown!!! America must rebel against greed and insist upon quality products and services and a cash oriented economy for lasting recovery and insurance against another meltdown. Patience and integrity must be America's new mantra!!!

from loan sharks of wall street!

people will gladly pay our own bank a lower interest rate!

This is something I fully support. I have always paid my credit cards on time yet recently the card companies have jacked up my rates 2-5% for no reason. They even increased my balance. I have a near perfect credit score. Why am I being punished for carrying a balance?

pres. obama is 100 percent right...these greedy credit card companies are sucking the blood of poor and needy people by charging outrageosly...look 19.78% interest rate.....when you open CD you get only 1.45% for 12 month....where is justice...Pres. Obama, I will vote for you for next election....I say with confidence...god bless our nation, the USA!!!!!!kishen c.rao

If many Americans could live within their means they would, but simply the cost of living for a single person with an ordinary full-time job is too much for one person, so when divorce, job loss, or other hardships occur it becomes very difficult for Americans to make ends meet. Though credit cards help people get by, debt can aquire easily, interest rates increase, and it becomes a viscious cycle. It is very difficult to find a part-time job to go with a full-time job. The system makes it difficult for honest Americans to make a living to where they can live within their means. The problems lie outside of credit cards sometimes. An honest person who wants to work should be given a chance. Companies don't want to bother working around another schedule or they are afraid another job will get in the way. It is not easy for singles these days. Give us jobs. Work with us. I see a problem with companies not giving people the chance to make a living, which is one reason some people need credit cards. It is not always that they are irresponsible. They have to make a living.

Who does this benefit most. People who pay their bills on time, play by the rules, take the lessons of life seriously, not live beyond their means.....who???? We all know this is pandering to constituants not policy that is practical or enforcable without government bullying. Who doesnt read the terms before signing up. Who doesnt know that credit cards creat more problems than they ever cure. The irresponsible will always be irresponsible but victims go on forever. I MAKE MY OWN DEBTS AS MUCH AS I PREFER NOT TO PAY FOR ANY OTHERS!!! THATS A STRANGE CONCEPT IN AMERICA THESE DAYS!!!

You can absolutely bet that the Republican leaders will attempt to delay or kill it in order to protect the privileges and profits of the credit card companies.

This is the most comical statement from the transcript: “You shouldn’t have to fear that any new credit card is going to come with strings attached".......haha, you mean like all the string attached to the TARP money that banks don't want but you are forcing down their throats obama?????