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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.”.
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.
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.