President to focus on credit card abuses

04.21.09
By Nicholas Storie

Given its importance on the agenda of federal and state policy makers as well as around the dinner table of many American homes, stopping credit card abuse is now finding its way to the desk of the president.

During an interview on Meet the Press, White House National Economic Council director Larry Summers discussed a wide range of topics relevant to American consumers and businesses from tax policy to bank bailouts.

Summers also said that the president would be "very focused in the very near term on a whole set of issues having to do with credit card abuses, having to do with the way people have been deceived into paying extraordinarily high rates that they wouldn't have paid if they knew they were getting themselves into."

Educating young adults about to begin building their credit history has been a hot topic for policy makers and school administrators around the country. Many are advocating personal financial education at a younger age, better equipping students and young adults with the knowledge to perform credit monitoring and understand how decisions now will affect their credit report down the line.

The interview on Meet the Press also discussed the administration's plans to help families get their finances back on the right track.

The National Economic Council director said that individuals need to find a way to save more and that deceiving marketing tactics enticing consumers to open new cards, charge more on credit and rack up excessive amounts of debt need to be stopped.

Saving for college and retirement should emerge as a focus for American families in the long-term, noted Summers.

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Americans encouraged to save more, spend less