Sunday, 19 April 2009

Protecting consumers from their credit card companies - an idea whose time has come

The following, which comes from a WSJ article , is a really good idea for consumers if not for banks.

The president is "going to be very focused, in a very near term, on a whole set of issues having to do with credit card abuses, having to do with the way people have been deceived into paying extraordinarily high rates that they wouldn't have paid if they knew what they were getting themselves into," Mr. Summers said on NBC's "Meet the Press."

Let's see how well it is implemented but the scandalous abuses in credit card charges, penalty fees is just one of many abusive practices of the financial services industry.

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