After today’s credit card conference at the White House, President Obama outlined some broad strokes as to how credit card companies can help consumers. Many of the details are similar to those outlined in the Credit Cardholders’ Bill of Rights, such as using plain language instead of complex legal jargon and putting an end to the wave of massive interest rate increases. However, one of the more important ideas introduced by the President may have slipped under the radar. This is the belief that consumers need to be able to easily compare credit card offers.
Since 2004, our company has been providing consumers with a platform to compare credit card offers from multiple credit card issuers. For much of that time, we were able to provide consumers with over 100 offers from every major credit card issuer to choose from. However, as the credit crunch intensified, many of the largest banks not only stopped promoting their offers on our site, but also requested we remove information and links to their offers.
Because our company can’t display these offers, our visitors are unable to easily compare offers from multiple companies. Consequently, the credit card companies that continue to promote their credit cards on the internet have less competition, and thus less incentive to offer consumers quality deals.
If President Obama can get more banks to promote their credit cards on online comparison sites, consumers will benefit tremendously. Not only will they have more options available to them, but the need to be competitive may help keep 0% rates alive, interest rates lower, and stop the rapid increase in credit card fees.
Let’s hope Obama’s meeting with the credit card companies is not like the 90% of meetings that result in nothing. Let’s hope Obama helps reverse the changes that have made it more difficult for consumers to get good credit card deals when they need them most.
For more information on President Obama’s postion on credit cards, please see this this page of www.barackobama.com.
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February 12th, 2010 at 5:56 pm
I’m trying so hard to get out of credir card debt without filing for bankrupsy and I’m not getting anywhere! Everytime I ask for a hardship program and think I’m almost there then it goes back to the higher interest and a minimum balance that in unbelievably high so I’m back to where I started. Really I’ve paid constantly for a year and I’m no better off than I was last year I might even owe more. Is there anyone that can help me?
Thank You,
Peggysue
February 13th, 2010 at 4:10 pm
Peggy Sue,
I would look into a non-profit credit counselor. These organizations work for you to get your credit card companies to reduce your interest rates, often into the single digits. They can help you get your payments to an affordable level. For specifics, I recommend checking out http://www.nfcc.org, which has information on credit counselors by state.