Obama Calls for an End to 'Abusive' Credit Card Lending

"Surrounded by some of the country's top credit card company executives, President Obama today called for an end to "unfair rate increases," "abusive fees" and "confusing terms and conditions" facing American consumers."

"I think there has to be strong and reliable protections for consumers -- protections that ban unfair rate increases and forbid abusive fees and penalties," Obama said. "The days of anytime, any-reason rate hikes and late fee traps have to end."

"In addition to limits on rate increases and late-term penalties, the president called for companies to disclose the terms and conditions of credit cards "in plain language" and "in plain sight." "No more fine print, no more confusing terms and conditions. We want clarity and transparency from here on out," he said."

"He also proposed that each card issuer might issue "a plain vanilla, easy-to-understand" credit card "that the average user can feel comfortable with." There should also be more accountability for card issuers, he said. Those who break the law, Obama said, "will feel the full weight of the law.""