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POPS Obama to Lunch with Credit Card Execs

by Maurna Desmond 4-22-2009

Credit card debt is a huge burden to the average American. Since rates can jump at anytime to any level, cash-strapped consumers are at the mercy of cc companies. Here's an idea: why not refinance credit card debt instead of mortgages? That's the real interest rate crunch and principle writedowns wouldn't be necessary since it's the interest accruing and not the amount owed that's the trouble.

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