President Obama Urges Banks to Clean Up Act

Every morning, Charles Gibson of ABC News Reports, Obama reads from a purple foldedr with ten letters from everyday Americans about their concerns.  Obama learned that Americans are fed up with companies that issue credit increasing the rates as high as 14% when a minimum payment is missed.Obama is urging banks to clean up act with passage of the Credit Card Bill of Rights.

 Obama also learned from the purple folder that Americans are tired of the high fees charged by banks. So now the president is taking on charge card companies fresh from implementing the National Service Bill in Washington D. C.

Reuters wire reports that  Obama met with Credit Card executives telling them to curtail abusive interest rates and unfounded fees. Obama said that "We want to preserve the credit card market, but we want to do it is a way to eliminate some of the abuse and some of the problems that a lot of people are familiar with."

 Obama asks the executives of credit card companies to stop the unfair rate hikes and for a more transparent accountability of their infrastructure. Americans are saying and writing that they are fed up with the abusive rate increases and abusive lending practices. Americans are outraged and furious with abusive credit card practices.

The credit card executives said that they will address the issues that President Barack Obama brought up.  The executives are saying that any adjustment that depletes the banks of funds will most likely be handed down to the consumers.