Obama to hold town hall meeting on credit cards

By Jeff Mason,Reuters

Cant pay? Obama is here to save the day

Can't pay? Obama is here to save the day

U.S. President Barack Obama will hold a town hall meeting next week in New Mexico to promote congressional efforts to reform credit card practices,the White House said on Friday.

Banks such as Bank of America Corp (BAC.N)>,JPMorgan Chase &Co (JPM.N),Citigroup Inc (C.N) and Capital One Financial Corp (COF.N) face a new set of rules issued by the Federal Reserve last year aimed at reining in abusive credit card practices.

The rules are to be implemented by July 2010,a date some lawmakers and consumer groups complain is too far away to help struggling consumers.

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