U.S. President Barack Obama on Thursday is continuing his push for legislation to protect consumers by ending some seemingly abusive credit card industry practices, such as sudden interest rate hikes and late fees. Obama, who is urging the U.S. Congress to send him such legislation by the end of this month, will address the issue during a town hall-style meeting in New Mexico on Thursday. The town-hall comes after the U.S. House of Representatives approved a bill to enact some of the protections Obama seeks. Though the Senate is thought to present a slightly different version of the legislation than the House, both measures would ban retroactive interest rate increases on previous balances, and require that customers be given 45 days notice before their rates are increased. The bill also would stop companies from giving a credit card to anyone as young as 18. The issue is a top one for Obama, particularly as the recession continues and consumers complain about being abused by credit card issuers. Nearly 80 percent of U.S. households have a credit card, and fifty percent carry a balance, the White House said. Obama discussed the bill in his radio and Internet address last Saturday. He also had industry representatives come to the White House for a meeting last month. “Americans know that they have a responsibility to live within their means and pay what they owe. But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all too common,” Obama said in his address.
