Today is an important day for anyone who owns a credit card. President Obama will meet with 13 executives from the largest banks and credit card companies.
The concern is over, what many are calling, abuses by the credit companies. Many customers, like myself, have had their fees and interest rates increase, even though they are up to date on all payments. (I have never been late, and my interest rate doubled!) At the same time, many of those companies have received bank bailout money.
A credit cardholders bill of rights is moving through Congress, which would put a stop to some of these practices.
As for the banks and credit companies, they say, many people aren't paying and this is a way to protect their bottom line.
We'll have to wait and see.
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