President Barack Obama demanded that Congress send him a bill to stop credit card offers that resulted in abuse from the country's bankers. Americans have been completing credit card applications and credit card offers to see their rates skyrocket because of a missed payment or by only making the minimum payment. President Barack Obama would ike for the bill to address these fraudulent practices regarding credit card offers and credit card applications and other credit card deals. The banks are taking advantage of the American consumer.

President Barack Obama is expecting Congress to have the credit card changes ready for his signature by the end of next week. The banks are at odds with the President's requests about their credit card services and are fighting back. Credit card companies say that the restrictions on issues concerning the credit card holder could backfire on the consumer making it harder for them to get credit card rewards or even to get credit. Bank officials say that the consumer are angry that billions of their taxpayers money may be controlled by the government. The major banks in America own about 100 billion in financial assets.

"Americans know that they have a responsibility to live within their means and pay what they owe. But they do not have the right to get ripped off by the sudden rate hikes, unfair penalities and hidden fees that have become all too common," said by President Barack Obama. The legislation that President Obama is requesting is known as the Credit Card Holder's Bill of Rights. This credit card policy has passed through the House of Representatives and awaits ratification from the Senate, possibly in the coming weeks.

Double-cycle billing and retroactive rate increases would be prohibited under the Credit Card Holder's Bill of Rights. Also, banks will not be allowed to issue credit cards to anyone younger than eighteen years of age. President Barack Obama said that the "abuses" had gone "unpunished." President Barack Obama said that enforcement and penaties for credit card companies will be strengthened if the American consumer continues to be taken advantage of.