It’s become a familiar story. People who pay their credit cards on time every month are seeing their interest rates go up, their monthly due dates changed without warning, and are watching all sorts of new fees pop up on their monthly statements. Well, President Obama (and Sen. Chris Dodd
) is fed up with those stories. Yesterday the President met with representatives of the credit card industry at the White House and recited the many ways he would like to see their business model change.
Here at The Takeaway we've been asking our listeners to call in with their stories of credit card woes and the occasional victory. We turn now to two of our listeners to tell their story and make their suggestions on how they'd improve the credit card industry. We are also joined by The Takeaway's personal finance guru Alvin Hall for his take on the President's makeover of the credit industry.
"Congress needs to look at this and say to the credit card companies 'Listen, if you change interest rates on a customer, you need to give them some time to adjust to this.'"
—Financial adviser Alvin Hall on new rules for credit card companies