- The Washington Times - Thursday, May 14, 2009

RIO RANCHO, N.M. (AP) — President Barack Obama says changing the way credit card companies bill customers is critical to fixing the nation’s ailing economy.

Obama on Thursday addressed a town-hall meeting in New Mexico where he heard Americans’ stories about credit card abuses. He says the economy can’t recover while people are putting basic needs such as food and shelter on credit cards from companies that don’t play fair.

The president is pressing for legislation that would end some credit card industry practices deemed abusive, such as sudden interest rate hikes and late fees. He says the economic crisis is the result of people living beyond their means and credit companies’ poor behavior.

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