In his weekly radio address, President Obama called on Congress to pass a “Credit Cardholders Bill of Rights” that would impose tighter regulation on the credit card industry.

President Obama: “Americans know that they have a responsibility to live within their means and pay what they owe. But they also have a right not to get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all too common in our credit card industry. You shouldn’t have to fear that any new credit card is going to come with strings attached, nor should you need a magnifying glass and a reference book to read a credit card application. And the abuses in our credit card industry have only multiplied in the midst of this recession, when Americans can least afford to bear an extra burden.”