Chris Lardner, an Albuquerque woman who introduced President Obama at a town hall on credit card reform in Rio Rancho last year, will sit with First Lady Michelle Obama tonight for the State of the Union address.
At the town hall, Lardner spoke about her family’s experience using a credit card to help pay for college tuition. (The Independent was there and live blogged the event with a panel of experts on credit card debt. You can read a transcript here.) Because of an accounting error at the school, Lardner’s interest rate was more than tripled, to nearly 30 percent. The situation has since been resolved.
In May 2009, President Obama signed a credit card reform bill that prevents credit card companies from unfairly raising interest rates on existing balances, protects against unfair fee traps (including requiring the consumer’s permission before processing an over-the-limit transaction), and increases accountability and transparency from credit card companies.