Filed under: Rants and raves, Personal finance, Politics

Documentaries like Maxed Out and In Debt We Trust have looked the problem of ever-growing consumer debt, and the role that government has played in its expansion.

Now , Senator and Democratic presidential candidate Barack Obama wants Washington to play a role in the solution too. Here are some clips from a statement Obama issued, as well as a discussion he had with debt counselors and consumers burdened with heavy debt. Courtesy of The Associated Press:

“The truth is, 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 in debt, we’ve got to crack down on predatory credit card companies that are pushing them over the edge….

“Many credit card companies 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.”

Obama proposes a credit card bill of rights. From the Senator’s website:

Continue reading Barack Obama wants crackdown on predatory lending

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This entry was posted on Wednesday, December 5th, 2007 at 1:30 am and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.