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News : Prepaid Credit Card UK
Remarks of Senator Barack Obama
Credit Cards Event
June 11, 2008
CHICAGO—Before we begin, I just wanted to say a word about the flooding devastating so many communities. We were scheduled to be holding this event in Iowa, but we decided to cancel it because we didn't want to divert state resources from going to help with flood relief.
My heart goes out to the families in Iowa, Wisconsin, Illinois and across the Midwest, who have been forced to flee their own homes, and leave their businesses and communities behind. Right now, many of them are wondering when they'll be able to return, and what they'll find when they get there. Well, we cannot assure them that their communities will be rebuilt overnight, but we can assure them that they will be rebuilt -- because we'll work to ensure that the full resources of our state and federal government are there to help. And I will do everything in my power to see to it that those resources get to the people who need them as swiftly as possible.
You know, over the next two weeks, I'm going to be talking a lot about what we can do to build an economy that works for all Americans. Because for families all across this country, our economy hasn't been working for quite some time. I've met Americans who are doing everything right -- who are working that extra shift, or taking on that extra job -- but are still struggling just to make ends meet. And a big part of the reason is that they're paying $4 a gallon for gas, and skyrocketing costs for groceries, health care, and college tuition -- at a time when their wages have stayed the same.
As a result, many of them are falling deeper and deeper into debt, and a lot of that debt is being put onto credit cards. Over the past 15 years, average household credit card debt has tripled. The typical family is now nearly $10,000 in the red. And bankruptcy rates have steadily climbed over the past year.
Now, let's be honest. Part of why our debt crisis is so bad is that some folks are making reckless decisions -- racking up big credit card bills by purchasing flat-screen TVs and other luxury goods that they know they can't afford. And they should have to face the consequences of those decisions.
But many more Americans aren't falling into debt because they made an irresponsible decision; they're falling into debt because credit card companies are pushing them over the edge. For too long, credit card companies have been using unfair and deceptive practices to trick Americans into signing agreements they can't afford. The contracts you sign when you get a card have gone from being one page-long a few decades ago to more than thirty pages-long today. And they're often filled with traps and fine print that only a credit card executive could understand. These companies have been crossing the line to boost their bottom line.
Source: http://www.boston.com
