President Obama Pledges Strict Credit Card Reform

On today's weekly address to the nation, President Obama pledges effective change as it relates to Credit Card Reform.

For too long Banks and Credit Card companies have operated without proper regulation, thus ruining the financial lives of many citizens forever. Especially College Students.

As our country's Economy struggles to stabilize itself, focusing on changing the Banking and Housing Industries isn't the only solution. It is also imperative that our government works diligently to enact strict policies for Credit Card Reform.

Without the enforcement of such policies all other efforts to correct what ails our financial system are futile.

He is urging Congress to have a Credit Card Reform bill on his desk by Memorial Day. Let's hope they will be able to lay aside their petty political differences for the good of their hurting constituents.

President Obama: "Americans know that they have a responsibility to live within their means and pay what they owe. But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties, and hidden fees that have become all-too common in our credit card industry."



Sources: Whitehouse.gov, Forbes, Flickr, Youtube