Obama Credit Card Debt Bailout – Financial Reform Pushes for Possible Debit and Credit Fees Reduced
Posted on | May 21, 2010 | Comments Off
The idea of an Obama credit card debt bailout is firmly in the minds of Americans as this has become a commonly searched keyword phrase. It is very important to understand that there is no such thing as an Obama credit card debt bailout at the present time. The current financial reform is pushing for a possible reduction of credit and debit fees.
Today an amendment to set maximum interest rates on credit cards with the Visa or Mastercard logo failed. This does not mean that a similar amendment or bill will not be passed later but as of now there will be no maximum interest rates on credit cards with these names.
If an amendment was passed it would ultimately reduce the amount of credit and debit fees because these companies would not supply as many credit cards because risky borrowers would not qualify. At the present time this is not the case but anything could happen over the next few weeks.
With no Obama credit card debt bailout in place it is important to note that there is no magic formula to make credit card debt disappear. It will take strong budgeting and spending less than you are saving to pay off your high interest rate credit card debts.
Author: Mike Garner
Tags: credit card bailout > credit card debt bailout > credit fees > debit fees > debt relief > financial reform > Obama Credit Card Debt Relief > obama debt relief