Deceptive practices by credit card companies have long had the attention of consumer protection groups and policy makers working on behalf of wronged constituents. But now, an important voice in the White House is speaking out about these sometimes predatory practices.
Comments from White House press secretary Robert Gibbs largely echoed those from economic adviser Larry Summers who said over the weekend that the president would be more aggressively working to stop credit card abuse.
Gibbs, speaking with reporters, said that the president has been an advocate of credit card company reform or some type of regulation since he was on the campaign trail.
“What we want to do is ensure that people can have access to the credit that they need, but that we can also do this in a way, as I just mentioned, that’s transparent and fair and honest,” said Gibbs, noting that the president would address these topics with major card issuers.
Some in the media asked Gibbs if the president was “angry” that companies receiving government bailout money were turning around and hurting consumers.
The press secretary answered that the administration is upset about all companies misleading consumers, not just those getting government funds. The overall objective, he reiterated, is to offer protection to middle-class consumers using credit cards.
In addition to having card issuing companies change their practices, members of Obama’s economic team are encouraging households to begin saving again and urging them to use credit responsibly.
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