WASHINGTON — President Barack Obama said Thursday he is determined to get a credit-card law that eliminates the tricky fine print, sudden rate increases and late fees that give millions of consumers headaches.
Obama delivered a pointed message to leading executives of credit-card issuing companies after a closed-door White House meeting. Both the House and the Senate are pursuing bills to give consumers greater protections as an expansion of new rules slated to take effect next year. Obama said his economic advisers will examine the various proposals and work with Congress and the industry, but he made clear he wants to sign a bill into law.
“The days of any time, any reason rate hikes and late-fee traps have to end,” Obama said. The Associated Press
