Obama calls for protections for credit card users

WASHINGTON — Building on populist anger against U.S. financial institutions, President Barack Obama on Thursday called for new federal rules to crack down on credit card companies that jack up interest rates and otherwise take advantage of unwary consumers.

"There has to be strong and reliable protections for consumers, protections that ban unfair rate increases and forbid abusive fees and penalties," Obama said after a White House meeting with credit card company executives.

"The days of any-time, any-reason rate hikes and late-fee traps have to end."

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