As per the survey of Federal Reserve women are more responsible than men for credit card debt in United States
It was reported by abcnews that President Barack Obama has decided to bring some changes for the customers when he came to know that one company that provides credit counseling services has enrolled more people in debt management. He also came to know that there are many companies where the amount of customer debt is going on increasing everyday. He called the meeting with many industry executives and decided to bring some new reforms in terms of credit card debt.
On account of this meeting, Obama decided to bring these reforms :
- interest rates will be doubled
- clarity and transparency should be increased in card's terms and conditions
- fees will be added to the consumer's bill
- All the forms that credit card company issues should be written in simple language
- No more fine prints and no more usage of confusing terms and conditions.
Obama conducting meeting with high executives of USA for bringing changes in credit card debt plans