Obama Speaks on Credit Card Debt

Democratic Presidential Candidate Barack Obama came out swinging today on the issue of credit cards and predatory lending. Obama criticized Republican Candidate John McCain for siding with the credit card companies and called for measures to end deceptive credit card practices. Obama supports a Credit Card Bill of Rights and wants to implement a five star rating system for credit cards. You can read more at the Washington Post, MSNBC, and the Los Angeles Times.

Here is one of Obama’s speeches - at the Illinois Institute of Technology - putting the blame for America’s credit card crisis in part on misleading and deceptive practices by credit card companies to boost their bottom line - practices tolerated by Congress and the Federal Government because of spending by the credit card lobby.

Here’s another video of Obama, this time as part of a roundtable, discussing how the credit card problem has come about - after a brief advertisement:

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