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With all the politics talk that is dominating the media these days with the coverage of the RNC and DNC, many credit card analysts are wondering about the future of the industry if Obama is chosen as the president of the United States. We are going to jump the gun and give the presidency to Barack Obama, but Reuters report that credit card companies are extremely cautious about an Obama presidency. 

Barack Obama has often criticized the credit card industry for letting the consumers down and there is no question that he will have a tougher stance against the interest of these companies. Here is what he had to say about credit card corporations just recently:

For too long, credit card companies have been using unfair and deceptive practices to trick Americans into signing agreements they can’t afford.

So what does this mean for credit card corporations? It certainly looks good for us consumers and not very good for credit card companies with Obama:

• Limit On Credit Card Fees: we all understand that the credit card companies make money out of the fees and interest. But we often see consumers get into an infinite fee loop that they often can’t get out of. Obama is planning to work with congress to limit these fees.  
• Credit Card Legislation Changes: an Obama government and a democrat congress promises major changes in credit card legislation. Obama’s approach is more on the pro-consumer side, so you can expect pro-consumer legislation changes but it will not be easy.
• More Traspnarency: One of the issues that consumers have to deal with these days is the less transparent agreements that they get themselves into. I have often noticed that credit card companies leave details out of their sales copy to get you to sign up for their credits. If you miss a key term in your agreement, you can be in a whole lot of trouble. You can be sure that while credit card companies don’t intend to hide their terms and conditions, they are not eager to show you the negative sides of their offers either.

• More Credit Card Fees Coming
• Credit Card Practices Under a Microscope
• More Card Term Changes Are Coming
• Credit Card Companies Become More Transparent
• Why You Should Think Twice Before Applying For Payment Protection Plans