Obama To Take Aim At Credit Card Abuses President Obama plans to crack down on deceptive credit-card industry practices that have left some consumers saddled with huge debts and soaring interest rates. The Washington Post reports that the heads of credit card divisions at 14 major banks are set to meet with the president and his top economic officials at the White House on Thursday.
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Obama To Take Aim At Credit Card Abuses

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Obama To Take Aim At Credit Card Abuses

Obama To Take Aim At Credit Card Abuses

Obama To Take Aim At Credit Card Abuses

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President Obama plans to crack down on deceptive credit-card industry practices that have left some consumers saddled with huge debts and soaring interest rates. The Washington Post reports that the heads of credit card divisions at 14 major banks are set to meet with the president and his top economic officials at the White House on Thursday.

RENEE MONTAGNE, host:

NPR's business news starts with Mr. Obama's credit card crackdown.

(Soundbite of music)

MONTAGNE: As more and more Americans struggle to pay back their credit card debt, President Obama is taking aim at controversial practices in the credit card industry. Later this week, Mr. Obama and his advisors plan to meet with executives from more than a dozen banks. According to the Washington Post, the president's message will be: stop resisting government efforts to protect consumers from costly lending practices. Congress is considering legislation that would ban lenders from some of the most controversial practices, like arbitrarily raising interest rates.

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