Consumer, Financial Groups Push Plan To Cut US Credit Card Debt
Wednesday October 29th, 2008 / 23h45
By Michael R. Crittenden Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- Two Washington groups typically at odds on financial-services issues are urging a top U.S. bank regulator to consider allowing credit card companies to reduce the credit card bills of struggling borrowers. The Financial Services Roundtable and Consumer Federation of America on Wednesday asked the Office of the Comptroller of the Currency to approve a pilot program allowing firms to reduce a borrower's principal and let them pay their remaining debt over time. "The most important thing right now is to strike a balance between the lender and the consumer," Steve Bartlett, president and CEO of the Financial Services Roundtable, said in a statement. The groups said the OCC doesn't allow lenders to offer repayment plans that reduce the amount of principal owed by a borrower and establishes a multi-year repayment plan. An OCC spokesman said the agency didn't immediately have a comment. Travis Plunkett, legislative director for the Consumer Federation, said approval of the pilot program would help borrowers with high levels of debt "pay back much of what they owe and avoid bankruptcy." -By Michael R. Crittenden, Dow Jones Newswires; 202-862-9273; michael.crittenden@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=nmC%2FAKYmgJGLUOTz%2FlV6rA%3D%3D. You can use this link on the day this article is published and the following day.
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