Sort of.
As if Obama doesn’t have enough to do, what with Gitmo, Iraq, Afghanistan, the economy, swine flu and all the rest, he’s decided to take on the credit card companies, too.
And it looks like he may be succeeding. Yesterday the U.S. Senate passed a measure to put limits on how credit card companies go about tacking usurious interest onto our bills. The House is expected to take it up and pass it today and Obama is expected to sign it soon thereafter.
According to the Associated Press:
“Under the new bill, a customer would have to be more than 60 days behind on a payment before seeing a rate increase on an existing balance. Even then, the lender would be required to restore the previous, lower rate after six months if the cardholder pays the minimum balance on time.
“Consumers also would have to receive 45 days’ notice and an explanation before their interest rate was increased.
“Some of these changes, including the 45-day notice requirement, are already on track to take effect in July 2010 under new rules being imposed by the Federal Reserve. But the legislation would put these changes into law and go further in restricting the types of bank fees and who could get a card.
“For example, the Senate bill requires those under 21 who seek a credit card to prove first that they can repay the money or that a parent or guardian is willing to pay off their debt if they default.”
Chalk one up for the little (and broke) guy.
