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Thursday, September 18, 2008

Barack Obama Takes on Deceptive Credit Card Practices

Obama 2008 Presidential CampaignImage by Barack Obama via Flickr In a campaign speech in Chicago this summer Barack Obama outlined his Credit Card Bill of Rights and rating system to compare credit card companies. The proposal:

1. Ban unilateral changes to credit card agreements.
2. Ban rate changes on past debt.
3. Ban interest on transaction fees.

(Check at about 4:08 for the details).

"Don't get me wrong," he said, "We all have a responsibility to pay what we owe, but we have to ensure that the amount we're paying is fair."

Word.

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