Obama Makes An Appeal to Credit Card Debtors
(CNSNews.com) - Burdened by credit card debt? It may not be your fault. Sen. Barack Obama says in many cases, the credit card companies are to blame for "pushing" financially strapped Americans "over the edge." The banking industry disagrees.
In a speech in Chicago Wednesday, Obama outlined his plan to "build an economy that works for all Americans." He spoke mostly about personal credit card debt, which he views as a problem with a government solution.
Obama says the sour economy is forcing Americans to put more and more of their debt onto credit cards. (The American Banking Association on its Web site debunks a number of "myths," including the notion that Americans are "up to their eyeballs" in credit card debt. In fact, the ABA says, only about 46 percent of all families carry a credit card balance while 54 percent pay their outstanding balance in full each month. The ABA also points to a Government Accountability Office study showing that credit card balances as a percentage of total household debt have been declining since the mid-1990s.)
In a speech in Chicago Wednesday, Obama outlined his plan to "build an economy that works for all Americans." He spoke mostly about personal credit card debt, which he views as a problem with a government solution.
Obama says the sour economy is forcing Americans to put more and more of their debt onto credit cards. (The American Banking Association on its Web site debunks a number of "myths," including the notion that Americans are "up to their eyeballs" in credit card debt. In fact, the ABA says, only about 46 percent of all families carry a credit card balance while 54 percent pay their outstanding balance in full each month. The ABA also points to a Government Accountability Office study showing that credit card balances as a percentage of total household debt have been declining since the mid-1990s.)
posted by BP News Bureau | 12:48 PM
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