Consumerist asks Austan Goolsbee about credit card reform

With all the talk these days about credit card reform, Ben Popken and Meghann Marco, colleagues at our sister site Consumerist, went to Washington to get some answers from Austan Goolsbee, President Obama's Senior Economic Adviser.

"So, as you know, we here at Consumerist, we make our living explaining the perils of the credit card industry to consumers, so why are you guys trying to put us out of business by reforming the credit card industry?" Meg asked.

"No no no, we're trying to help you," Goolsbee said. "But what we've gotten into is this situation where you've got some players engaging in clearly deceptive practices and predatory practices where consumers don't have full information about what they're getting themselves into, and where the industry's made more than $15 billion in penalty fee income last year."

And that was just Part I of the 4-part interview.

In Part II, Consumerist asked Goolsbee about deceptive credit card practices.

"I really don't think we have to choose between honesty and a viable business," he said.

To hear the rest of his answers, watch the video.

Then stayed tuned for Parts III and IV.

Comments

[Marianne Rossi]

I actually have a question and I hope someone can help: If I wanted to be notified when a Credit Information company such as Experian, gives my (precious) financial info out to anybody... I would have to be a victim of identity theft FIRST, by filing a police report and submitting to the reporting agency first... I may be able to do something similar by PAYING a monthly fee to secure MY information. Kinda sounds like they are selling my information to anyone... including me the supplier of the info!

Does anyone know of alternatives? Don't say Lifelock, because a Federal Court just ruled that they can't do it for us poor consumers, at a more reasonable price!!!!

Help with this legalized scam!