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Rubicon Associates is headed by a Chartered Financial Analyst with over 20 years of experience in the investment management industry focused on the analysis, investment and management of fixed income and preferred stock portfolios. Over the years, he has analyzed and invested in both public and... More
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  • The USAA Card 0 comments
    Apr 23, 2009 11:02 PM

    President 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.

    "I trust that those in the industry who want to act responsibly will engage with us in a constructive fashion, and that we're going to get this done in short order," Obama said, delivering a pointed message to leading executives of credit-card issuing companies after a closed-door White House meeting.

    Translation: "you will do it and like it - oh yeah, we own you."

    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.  (That fine print can be tricky - seemed to throw Timmy G on tax forms!)

    Translation:  If it cant be written in crayon, or with emoticons, its just too darn tricky.

     

    Disclosure:  no position in cards

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