Momentum for credit card reform legislation continues to grow, with President Obama highlighting the issue this week during a visit to New Mexico.

Obama focused largely on credit card issues during a town hall meeting in Rio Rancho that was held on Thursday. This was the president's latest opportunity to express support for legislation to enact various reforms on controversial credit card practices like sudden interest hikes and unreasonable late fees.



"Americans need a durable and successful flow of credit in our economy, but we can't tolerate profits that depend upon misleading working families. For too long, credit card contracts have been deceptively complicated, often leading consumers to pay more than they reasonably expect due to unfair practices," said Obama during the event.

The Credit Cardholders' Bill of Rights passed the House recently but has been facing a less certain passage in the Senate. Still, political support appears to be strong among lawmakers and the public in general for such legislation.

The White House notes that Americans pay about $15 billion in penalty fees on their debts, and has laid out criteria that a final plan must meet, such as banning unfair rate increases and fees, while providing more market transparency and protections for younger consumers.

By Bill Laforme