Obama to lighten America's "card Slave"

Recently, President Barack Obama has repeatedly pressured Congress to pass legislation to tighten regulation of the credit-card industry as soon as possible.　　The House of Representatives passed the bill at the end of April, and the Senate is expected to pass a similar version next week. Put aside the differences in the details of the two-house version, the main contents of this "credit card holders ' equity case" are that the issuing bank will maintain the prime rate for at least 6 months and issue a warning when cardholders are about to exceed their credit limit, avoid the increase in retroactive interest rates and avoid paying overdue fines,　　It is also prohibited to provide credit card applications to young people under 18 years of age.　　On 14th, Obama stressed in New Mexico State's meeting with the public that the government would not allow credit card issuers to abuse their power to squeeze unprofitable profits from consumers.　　After the US government launched a public-private investment fund to divest banks of "toxic assets" and major banks have passed stress tests, the credit card crisis has surfaced, and the contradictions between lenders, ordinary consumers and government regulators have become increasingly prominent. After the outbreak of the financial tsunami, governments and central banks have taken various measures to unfreeze the credit market as of 14th, and the three-month interbank overnight lending rate in London has fallen by nearly 3 basis points to 0. 85%, the decline has reached its highest level in eight weeks, which is gratifying. But the consumer credit market is still in a chill. The Fed's latest report shows that consumer credit in March was the biggest one-month decline since December 1990, with revolving credit for credit-card spending down 6 per cent at an annualised rate.　　8%. On the one hand, as the economy slumps, unemployment continues to rise, housing prices continue to fall, and more consumers are unable to pay their credit card bills in full and on time, credit cards become a growing non-performing asset on banks ' balance sheets.　　Experts predict that by the end of 2010, the credit card losses of the 19 big banks that have just been tested will be $82.4 billion trillion. On the other hand, rising defaults are forcing lenders to tighten credit, and many banks are claiming that "survival" forced them to raise credit card fees or write off their credit card accounts, adding to the burden of failing to repay the cardholders. According to statistics, in 2008, credit card issuers charged customers a fine of $19 billion, up 5% from a year earlier, and this year's fines are expected to rise to 20.5 billion dollars. More than 90% of the more than 400 credit cards issued by the 12 largest credit card issuers in the United States have a punitive interest rate of late repayment, with a median value of 28%.　　Senator Bernie Sanders criticized the bank's behavior as "not in providing credit, but in usury". To the fury of many lawmakers and the public, the Fed has passed new rules banning credit card issuers from charging existing credit card users, but the rules will not take effect until next July, and issuers are using a "time lag" to raise prices. Chase has charged a fee of 120 dollars to some customers who were originally exempt from the annual credit card fee; American Express BankLate fees increased from $29 to $39, and Bank of America and Chase have doubled their repayment rates to 30% for some customers.