Obama to credit card companies: stop your tricks, scams, smarmy marketing talk and other bullshit and help the consumer

So Obama outlined the principles for any legislation: Protections so that consumers won't face sudden, surprising jumps in fees; requirements that companies publish their forms in plainspoken language, with no more fine print; the availability of customer-friendly comparison shopping on credit-card offers; and greater enforcement so that violators feel the full weight of the law.

SHOOT: Consumers also have to take responsibility when using these cards.

clipped from news.yahoo.com WASHINGTON – President Barack Obama said Thursday he is determined to get a credit-card law that eliminates the tricky fine print, sudden rate increases and late fees that give millions of consumers headaches. "The days of any time, any reason rate hikes and late fee traps have to end," Obama said. At issue is how to protect consumers, particularly in a deep recession, while not imposing the kind of rules that could make it harder for banks to offer credit or put credit out of reach for many borrowers. The president made no mention of the responsibility of consumers to keep themselves from getting overextended.