Massive bailouts, foreclosed homes, jaw-dropping gas prices, chaos on Wall Street. These are just a few signs of the U.S.'s struggling economy. As America enters the next chapter of its history, what impact will an Obama administration have on our economic future?
Jason Furman, Economic Advisor
Obama will establish a five-star rating system so that every consumer knows the risk involved in every credit card. He also will establish a Credit Card Bill of Rights to stop credit card companies from exploiting consumers with unfair practices.
- Create a Credit Card Rating System to Improve Disclosure:
Obama will create a credit card rating system, modeled on five-star systems used for other consumer products, to provide consumers an easily identifiable ranking of credit cards, based on the card's features. Credit card companies will be required to display the rating on all application and contract materials, enabling consumers to quickly understand all of the major provisions of a credit card without having to rely exclusively on fine print in lengthy documents.
- Establish a Credit Card Bill of Rights to Protect Consumers:
Obama will create a Credit Card Bill of Rights to protect consumers. The Obama plan will:
* Ban Unilateral Changes
* Apply Interest Rate Increases Only to Future Debt
* Prohibit Interest on Fees
* Prohibit "Universal Defaults"
* Require Prompt and Fair Crediting of Cardholder Payments
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