Work, home and credit – how Obama will help
President Obama has expressed a dedication to reforming the American economy, which is a tremendously involved puzzle to say the least. This is part four in a five-part series from your payday loan source that covers some of the high points of Mr. Obama’s economic plan. For previous coverage, see parts one, two and three. This installment covers President Obama’s plans to help labor, home ownership and credit card practices in America.
Which side are you on?
When it comes to obtaining employee rights and benefits, unions have been essential in recent American history. President Obama is supportive of unions in the workplace, and one of the ways he plans to show this is through the Employee Free Choice Act. This will support the rights of organized labor, particularly when it comes to strikes; striking workers will have the right to not be permanently replaced because they struck. Additional aids to organized labor will include:
- Freedom to unionize without harassment. Passage of the Employee Free Choice Act will help immensely
- Former President G.W. Bush’s National Labor Relations Board regulation would be overturned so that workers won’t fall through the cracks of federal regulatory aid
- Collective bargaining will be easier to achieve
- Minimum wage will be tied to inflation so that it will rise every year and the Earned Income Tax Credit will be increased to help families
Owning a home will be easier
The subprime mortgage crisis has severely damaged values in the real estate market and consumer confidence in the viability of home ownership. President Obama is prepared to take a number of steps that will ease the burden upon consumers and make the possibility of home ownership a reality for more people. Here are some of the plans he will set in motion:
- A Universal Mortgage Credit will create a 10 percent credit for homeowners who don’t itemize on their taxes. Experts estimate that this will translate into about $500 apiece to 10 million homeowners
- The President will bring back the Stop Fraud Act (which he originally proposed during his Senate career). The act will clearly define what mortgage fraud is, increases funding for applicable law enforcement and define the penalty for committing mortgage fraud
- The Homeowner Obligation Made Explicit (HOME) score will give potential homeowners an easy way to evaluate a mortgage loan before signing on the dotted line
- Bankruptcy courts will receive clearance to modify a homeowner’s mortgage payments if the homeowner is endangered
Obama’s credit card crackdown
President Obama’s plans to reshape the credit card industry could bring about much wiser spending habits. Consumers who rely upon them for small-scale emergencies may just see that there are better alternatives, like no fax payday loans (particularly since credit cards began cutting back the customer rewards they give). Consumer exploitation at the hands of credit card companies will be curtailed through the following programs:
- A credit card rating system that will provide consumers with an easy-to-understand star rating. This rating must be displayed on all application and contract materials, and it will not be “fine print”
- A Credit Card Bill of Rights will protect consumers in a variety of ways, most notably by requiring that interest rate increases be charged only to future debt, that interest not be charged on fees and by eliminating universal default
The American people will benefit
Whether you’re a worker, homeowner, credit card user or all of these, President Obama’s economic plan has provisions to help you. Increasing the economic freedom of the people – from giving them the right to join a union, learn about mortgage terms or take out a payday loan when the need arises – is long overdue. Your payday loan source hopes that Mr. Obama is the man for the job. For more info on Obama’s plans to help reform bankruptcy laws and improve the family/work balance, read the final part in this five-article series.
i hope the new president will remember that available credit is important to everyone.
I agree. Your credit may perhaps be your most powerful possession. The economy relies on us to take out loans in order to create new money. I hope President Obama does make the appropriate changes and not create more hardships than there already is.