Dear Mr. President

Americans talk back to President Barack Obama about how they believe he will affect their lives and wallets, and their solutions for the country's economic crisis.

1 of 15
BACKNEXT
Regulate credit card industry
Name: Karen Case
Profession: Director of Administration, Austin Convention & Visitors Bureau
Location: Austin, Texas

"I've been in the workforce for 43 years. I have been paying taxes since 1966. I am a divorced mother of four, two still trying to get out of college, a cancer survivor still under treatment after 10 years.

I have one credit card, not maxed out, that was at 13% interest. I have always paid at least 150%, if not more, of the required payment, never missed a due date, but it was jumped to 22.9% in November. When I asked to have it reduced back I was told "every person with our credit card has been moved to this, and it cannot be changed."

Consumers will never be able to pay off these debts when they are increased in this manner. As a result, our credit scores are showing our debt never going down. How dare the banks request bailouts on bad business decisions and gambling, and then require the general public to maintain immaculate credit scores!! Who is kidding whom?

What Obama can do is mandate an interest rate cap on all credit cards to a manageable figure (12%?). And not allow credit card companies to retroactively increase APRs. This would be the best news families could receive, other than lowering their mortgage payments.

If everyone is in a hurry to help fix things now, then change the credit card regulations now.

Credit cards help the American public get the car fixed, pay for the child's college, medical bills, the roof that needs repair, the large deductible now required on medical insurance. It's not like we're buying a third home, taking our fifth vacation, or even putting enough in a 401K - which recently tanked." - as told to Amy Haimerl

NEXT: National health plans, foster small business
Last updated April 29 2009: 6:43 AM ET
More Galleries
12 biggest tax scams to avoid There's no end to the creative ways scammers will try to steal your identity and your money. And tax time is one of their favorite times of the year. Here's how to spot a top scam and protect yourself. More
Public colleges with the best bang for your buck Graduates with bachelor's degrees from these state schools see the biggest return on their college investment, according to a report from PayScale. More
Cool cars from the 2015 Geneva Motor Show These are some of the stand-out cars and trucks on display at the 2015 Geneva Motor Show. More

Special Offer