As President, what would you do to help middle-class Americans reduce credit- card debt and help lower-income people avoid getting trapped by predatory credit-card lenders?
What we're going to do is restore balance in the credit-card market. I am proposing a Borrower's Security Act that would do the following: first, require credit-card companies to disclose the true cost of making only minimum payments, as many consumers do. Second, I would restore a 10-day grace period before imposing late fees and penalty rates. Third, apply interest-rate increases to future balances only. And fourth, end the practice of universal default, where a creditor can change a borrower's terms based on their debt payments to other creditors. We also need a new consumer protection commission, which I would call the Family Savings & Credit Commission, whose job it'll be to review all the financial services products that are being marketed to families and ensure that the terms are reasonable and fairly disclosed. [The commission would] oversee all types of financial institutions whether chartered under federal or state law.
The more John Edwards says, the more I like about his candidacy . . . and the closer I get to solidifying my support for him. He is the one candidate that seems to be really honing in on economic policies that are the most critical for the middle and lower classes. He may not have Hillary Clinton's money, and he may not have as much charisma as Barack Obama, but he is hitting every issue that I care about.
Read the entire interview for other bold proposals from John Edwards.