Addressing Credit Card Abuses

Highlights include Visa (V - Snapshot Report), Mastercard (MA - Snapshot Report), Citigroup (C - Analyst Report), HSBC (HBC - Analyst Report), Bank of America (BAC - Analyst Report) and United Airlines (UAUA - Analyst Report).

As a result of excesses, the House and Senate have started the process to consider reform measures to limit the ability of credit card companies to raise interest rates on existing balances and to require greater disclosure.

In addition, it appears the Obama administration will focus over the near term and support congressional efforts to clamp down on credit card abuses in an effort to address the recession's effect on the consumer, considering the extraordinarily high rates that have been being assessed as of late -- companies such as but not limited to Visa (V - Snapshot Report), Mastercard (MA - Snapshot Report), Citigroup (C - Analyst Report), HSBC (HBC - Analyst Report) and Bank of America (BAC - Analyst Report).

While the administration wants to see a better-regulated financial system, we would also suggest the administration address the usury fees the airline industry continues to levy now that hydrocarbon prices have been reduced, to include but not limited to United Airlines' (UAUA - Analyst Report) $15 per bag per direction charge.