Consumers | featured news

In his weekly radio address, the president said Americans “have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all too common to our credit card industry.”.

Credit cards are as much a part of the American economy as $20 bills, but a fervent subset of consumers has sworn off plastic money altogether.

The U.S. Federal Reserve rejected a request to force credit card companies to immediately halt retroactive interest-rate increases on existing balances, Democratic Senator Charles Schumer said on Tuesday.

Legislation to rein in credit card practices and eliminate sudden rate hikes and late fees that have entangled millions of American consumers is getting closer to becoming law, bolstered by presidential pressure and the backdrop of economic calamity.

President Barack Obama tells US credit card firms to scrap unfair interest rates and be fairer to customers.

Legislation to curb credit card fees and limit consumer penalties cleared a congressional panel on Wednesday, a day ahead of a meeting between industry executives and President Barack Obama at the White House.

To get nervous consumers to buy, companies are promising refunds, and sometimes more, in the event of a job loss.

Debt settlement companies claim they help both creditor and consumer by bridging the abyss between them, but the firms often manage to please no one.

Ford Motor Co. said Tuesday it is offering a payment protection plan to help reassure consumers who may be putting off buying a new car because of worries about losing their job.

"Our advice to consumers is that they avoid eating pistachio products, and that they hold onto those products," said Dr. David Acheson, assistant commissioner for food safety.