Barack Obama and Joe Biden's Campaign Promise

Economy

Address Predatory Credit Card Practices

Obama and Biden will establish a five-star rating system so that every consumer knows the risk involved in every credit card. They also will establish a Credit Card Bill of Rights to stop credit card companies from exploiting consumers with unfair practices.



Establish a Credit Card Bill of Rights to Protect Consumers:

Average 1.3 (3 votes)



    Obama and Biden will create a Credit Card Bill of Rights to protect consumers. The Obama-Biden plan will: 1. Ban Unilateral Changes 2. Apply Interest Rate Increases Only to Future Debt 3. Prohibit Interest on Fees 4. Prohibit 'Universal Defaults' 5. Require Prompt and Fair Crediting of Cardholder Payments