Obama is looking to make changes to laws governing credit cards. This is big thing in the States, a country which has long let credit card companies rule the roost. If these changes are taking place in the States will there be bigger changes over here in the UK. We are also big credit card users.

There has already been a big thing about the unfair late charges on credit cards over the past few years, but nothing has actually changed. It has gone to court, but this could take years and in the mean time a stop has been put on refunding all late charges. Things have actually gone backwards. Before you could claim up to 6 years worth of late charges back. Often banks would refund the charges back to your card before you even had to pay them, if you got back to them as soon as your statement came in. Now you do not stand a chance.

The problem also stands with the amount of junk mail credit card companies send out offering 0 credit cards. These deals need to also be more regulated and also the amount of junk mail needs to be cut down as it is un-environmentally friendly.

It will be interesting to see how things go in the States regarding credit cards. If Obama really does improve things for the consumer then maybe this will set presidency for other countries including the UK. Time will only tell.