US elections - Obama scolds credit card companies, McCain - by Johanna Neuman
Democratic presidential candidate Sen. Barack Obama took aim today at credit card companies that charge exorbitant -- and sometimes hidden -- fees to economically scrapped consumers, saying the companies "have been crossing the line to boost their bottom line." Charging that his Republican opponent, Sen. John McCain, "has been part of the problem" by opposing legislation to protect consumers from deceptive practices, Obama said: "We cannot let the rules of the game continue to be rigged against ordinary Americans."
Obama noted that credit card companies have spent millions of dollars to finance political campaigns -- including one industry group that spent nearly $800,000 on lobbying -- "to get laws written to their liking." He vowed that as president, he would "look out for the interests of hard-working families, not just their big campaign donors and corporate allies." Obama, saying he wants to ensure that credit card debt doesn't become "the next sub prime crisis," proposed a five-star rating system of companies. While urging Americans to "pay what we owe," he said he would push for a credit card bill of rights to ban interest on late fees and unilateral changes to card agreements so consumers "pay the rate you signed up for."
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