Barack Obama Takes on Deceptive Credit Card Practices

Image 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.

It's the Tax Man, Oh-oh The Tax Ma-an

Image via Wikipedia Or woman as the case may be. I had my conversation with the IRS. The woman I talked to was the model of efficiency and impatience.

It looks like I have bought some time anyway. I need to submit documentation of income and expenses for the past three months. I also need to apply for a loan (presumably to pay for the back taxes) and submit the rejection letter. I only need to do this if I can't come up with the minimum monthly payment the IRS suggests, which has gone up 50% since I talked to them in July. The difference is I have now filed my 2007 return, and owe, well, more.

Sigh. I love paperwork. Wonder what this loan rejection will do to my credit rating?

I guess I'm in good company with New York Congressman Charles Rangel, except that he chairs the U.S. House of Representatives Ways and Means Committee. (Plus he owes less and probably has the money to pay it...)

Money Talks video on what to do if you can't afford to pay your taxes

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