WASHINGTON (Reuters) -- Saying credit card industry abuses had worsened in the current recession, President Barack Obama urged Congress Saturday to approve new regulations to halt sudden rate hikes, unfair penalties and hidden fees.
"Americans know that they have a responsibility to live within their means and pay what they owe. But they also have a right to not get ripped off," Obama said in his weekly radio address.
"Abuses in our credit card industry have only multiplied in the midst of this recession, when Americans can least afford to bear an extra burden," he said, calling on Congress to send him a bill he could sign by the Memorial Day holiday on May 25.
