Tough Words for the Credit Card Industry

Publication: CNN's Lou Dobbs Tonight


04/23/2009 - President Obama met with executives from the credit card industry, amid rising concern about high interest rates and excessive fees. CNN anchor Lou Dobbs cited the work of the Pew Safe Credit Cards Project:

"A recent survey confirmed what many of us already know. Credit card companies are charging outrageous fees on many of their customers. The Pew Charitable Trusts found that more than 400 credit cards offered by the top 12 credit card companies disadvantage, as they put it, their customers. The survey discovered that banks could change the interest rates on 93 percent of those cards simply by altering the terms of agreement, the so-called fine print."

Read the full transcript of CIA Controversy; What did They Know?; Bailout Pressure; Obama's Tough Words; Obama and the CIA on CNN's Web site.

Pew is no longer active in this line of work, but for more information visit the Safe Credit Cards Project on PewHealth.org.

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