As the recession started at the end of last year, the number of credit card users has increased dramatically. However, after the arrival of the new President, Obama credit card companies have been controlled to some extent.

The recession led to increase in interest rates by the credit card companies. The consumers are hoping for someone to save them from the current situation and from these credit card companies.

The newly elected President has promised to bring the consumers out of these increased interest rates and steps are being taken for the same. Many organizations were formed to propose changes that are to be implemented by the credit card companies from the following year.

This will help to keep these companies under control. Several strategies are being framed to bring the nation from the heavy debt especially due to excess usage of credit cards by the civilians. Many steps are being taken by the new government to avoid bail outs and bankruptcies. Some credit card companies are planning to go for a bail out and the important thing about this is that they are demanding the same amount as given to the American banks, which is highly impossible.