Obama to take aim at U.S. credit card companies

Obama to take aim at U.S. credit card companies over rate hikes, other abuses

WASHINGTON — The Obama administration has a new target in its attempts to ensure the U.S. economy doesn't take another devastating hit and American consumers are protected from further financial distress - credit card companies.

Larry Summers, President Barack Obama's top economic adviser, said Sunday that the administration is backing Democratic legislators in "pushing very hard" to crack down on credit card companies, including major players like VISA and MasterCard, that hike interest rates on unsuspecting customers (more)