Credit card rates and the government...

The next big battle involving banks and the government is related to credit card fees and other charges. I recommend this USA Today article from April that covers some of the basic points being raised by both sides.

An earlier post on the White House blog also provides additional details:

Almost half of American families currently carry a balance, and for those families the average balance was $7,300 at last check in 2007 (the median was $3,000). Meanwhile, penalty fees on credit cards are around $15 billion annually, an estimated 10 percent of total credit card industry revenues -- one-fifth of those carrying credit card debt pay an interest rate above 20 percent.

Then the Presidential address from today which also focused on credit card reform.

This doesn't have bi-partisan support, Republicans favor prosecuting predatory lenders and requiring issuers to more fully disclose agreements in language that consumers can easily understand instead of the plan currently being discussed by the President and Democrats in Congress.