The Spender-in-Chief has proposed credit card reform in his weekly radio address. This post at The Hill includes a video of the address. I have included my comments to the post below.
The answer is not more lender accountability, the answer is more consumer responsibility. Credit cards, when used properly, are a source of economic independence that is helpful when the need arises for a more substantive line of credit, such as a mortgage or an auto loan. Sadly, too many Americans view credit cards as cash cows without any strings attached. We don't need more disclosures, the American consumer needs to read the disclosures that are already in place.
When I apply for a credit card I know what I am getting into because credit card companies are complying with their interest rate disclosures and minimum payment schedules. I have a responsibility to pay back the credit line that I have used and to do so within a specific time frame.
Sadly, this attempt by the President at "fixing" our problems does little more than add liabilities to companies that are already applying common sense practices.