A day after a House committee approved a measure to place greater restrictions on credit card issuers, President Obama today endorsed the measure and urged lawmakers to go even further.
"The days of any-time, any-reason rate hikes and late fee traps have to end," Obama said after meeting with credit card company executives. "No more fine print, no more confusing terms and conditions."
Among the changes to the legislation, which the House Financial Services approved and is scheduled to be debated on the House floor next week, is requiring that payments be applied to the debt with the highest interest rate. The Senate Banking Committee passed a more comprehensive measure but that chamber probably won't consider the measure until after the House completes action.
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