WASHINGTON – The White House says it will back congressional efforts to clamp down on credit card abuses.
The House of Representatives and Senate are considering legislation aimed at limiting credit card companies’ ability to raise interest rates on existing balances and require greater disclosure.
White House economic adviser Larry Summers says President Barack Obama is taking aim on credit card abuses and how people have been deceived into paying high interest rates.
Summers says people need to save more. But he says the government needs to curb credit card pitches that addict people to plastic.
Summers made the comments yesterday on NBC’s ‘Meet the Press.’ He is attending a summit of Western Hemispheric leaders in Trinidad and Tobago.
-Nampa-AP
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