Barack Obama told a round table meeting with local residents in Des Moines, Iowa on December 3, 2007 that he supports a Credit Card Bill of Rights that would:
- Prevent credit card companies from raising interest rates without giving consumers the option to opt out of the agreement.
- Ban rate changes to past debt so that rate increases only apply to future debt.
- Prevent credit card companies from charging interest on transaction fees.
As President, he will implement such a plan, he said:
Our middle class families are not going to be secure so long as they can’t get out of debt. If we’re serious about stopping Americans from falling deeper into debt, we’ve got to crack down on the predatory credit card companies that are pushing them over the edge. Many credit card companies today are tricking Americans into agreements they can’t afford because that’s how they make big profits. Well, no company’s bottom line should come before what’s right for the American people. And we’ve got to stop these kinds of deceptive practices to help strengthen our middle class families and make sure that credit cards don’t become the next subprime crisis.
Every American has a responsibility to pay what they owe, but we need to make sure that what they’re paying is fair. And we’ve got to do more for those Americans who aren’t able to climb out of debt and actually have to declare bankruptcy. That’s why I voted against a bankruptcy bill in 2005 that protects credit card companies and banks, while preventing middle class Americans from getting back on their feet after a crisis – even if they’ve suffered an illness. And that’s why as President, I’ll reform our bankruptcy laws so we can make sure Washington works for working Americans.There's a bill just like that introduced by Rep. Carolyn Maloney.
The bill was passed and signed in 2009.