Obama warns Republicans may repeal credit card protections

Obama has warned voters in a number of states that the sweeping reforms related to credit card debt and other financial industries could go away if Republicans take control of the House of Representatives or Senate, according to MSNBC.

"We don't want them rolling back Wall Street reform, so now credit card companies can go back to hitting you with hidden fees and penalties," Obama said at a recent rally in Portland, Oregon, the report stated.

Republicans would need to gain 40 seats in the House to gain a majority, but are not expected to have much of a chance to do the same in the Senate, the report said. However, Democrats believe that by highlighting reforms related to credit card debt, they may swing some voters who are having financial troubles.

Many have utilized the reforms brought by the new laws to pay down their credit card debt in recent months, as many have concentrated less on spending and more on paying bills.