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Credit card execs meet Obama

Credit card issuer executives and US President Barack Obama met to discuss legislation to help credit card holders today.

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24 April 2009

Credit card execs meet Obama”

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Executives from 14 credit card issuers visited the White House to talk about credit card practises, including representatives from Visa, MasterCard, American Express and Citigroup.

After the meeting the President expressed his confidence that a "common-sensical" decision about the credit card industry could be settled upon.

Robert Gibbs, White House spokesman, said: "There are meaningful uses for credit, obviously, in this economy. What we want to do is make sure that people have access to credit but you can also do this in a way that's transparent and fair."

The meeting follows the clearance by a congressional panel of a Credit Cardholders' bill of rights. The bill is designed to curb high credit card fees and penalties.

Figures released by the White House reveal that the amount owed on credit cards in the US has increased by 25 per cent in the past ten years, according to the Guardian.

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