WKYT | Lexington, Kentucky | News

Obama to sign credit card bill into law

WASHINGTON (AP) - President Barack Obama signs legislation today
making big changes for every American with a credit card.
The bill will revolutionize the credit card market with several
restrictions, on everything from sudden hikes on interest rates to
who can actually get a card.
Obama's spokesman Robert Gibbs says the legislation will "bring
some common sense rationality into our financial system."
Congressman Dan Maffei (muh-FAY') says the most important change
is aimed at protecting debt-ridden consumers. The New York Democrat
says Americans reaching for their plastic will know cards come from
"a responsible lender and not a loan shark."
But experts say banks will get more creative to make up for lost
revenue by hiking fees.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus

WKYT

2851 Winchester Rd. Lexington, Ky 40509 859-299-0411 - switchboard 859-299-2727 - newsroom
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 45841107 - wkyt.com/a?a=45841107
Gray Television, Inc.