President Barak Obama plans to crack down on the credit card industry that has loaded consumers with huge debts and sky high interest rates.
Obama would be very focused in the very near term on a whole set of issues having to do with credit card abuses”, said top White House economic adviser Lawrence Summers, Reuters reported.
We need to do things to stop the marketing of credit in ways that addict people to it, Summers said in an interview on the NBC television talk show Meet the Press.
According to Summers, director of the White House National Economic Council, the administration is concerned about practices that result in consumers being deceived into paying extraordinarily high rates that they wouldn't have paid if they knew they were getting themselves into.
The meeting comes as lawmakers in the Democratic-led Congress have vented anger that banks with big credit card operations charging high interest rates and fees are the same institutions getting government bailouts from U.S. taxpayers who use these credit cards.