Oct 21, 2008

Obama: Americans Need Help to get out of Debt

Want to know what Barack Obama’s plans are to do about the rising number of people with debt? The Associated Press reported that Obama called for tighter restrictions on credit card companies and accused McCain for doing too little to help Americans avoid debt.

Every day, more and more working Americans are accumulating debt due to medical bills, loans and credit cards. Back in July, Obama met with consumer advocates and summarized his plans to crack down on lending practices he calls abusive. Obama states that he would:

• Bar credit card companies from raising interest rates without the borrower's approval and from applying higher rates retroactively.
• Establish a federal credit card rating system.
• Bar interest charges on items such as late fees.

Obama has also stated that McCain has sided with the credit card companies on issues as protecting teens and students against deceptive credit card practices. However, in 1998, McCain opposed a Democratic bid requiring credit card companies to obtain information about people under 21 to make sure that they could handle a credit card. He also opposed requiring the credit card companies to put on a monthly statement that making the minimum payment would only increase the interest rate and time paying off a bill.

Obama opposed a bill introduced that would have a credit card interest rate limit to 30% because he thought that the limit was too high of a ceiling.

So, who do you think has our best interest at heart?

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