President Barack Obama is pushing for credit card reform. He recently told Congress that he wants to see a bill enforce new restrictions on credit card fees and interest rate changes by Memorial Day.

Obama said Thursday at a town-hall meeting in New Mexico that he also wants to make it harder for college students to get credit cards and to force card issuers to use simpler language when explaining a card’s rules.

“This is America, and we don’t begrudge honest dealings with customers,” he said. “But some of these dealings are not honest.”

When you miss a payment on your credit card, the card company typically raises the interest rate, increasing the amount you have to repay. If you charge more on your card than the company allows, it will make you pay a penalty.

The Wall Street Journal reports that credit card companies make $15 billion a year from charging penalty fees—about 10 percent of their revenue.

Joining Obama at the meeting was Christine Lardner of Albuquerque, who used a credit card to pay for her daughter’s college expenses. When the college mistakenly charged the wrong card for a payment, it put Lardner’s balance $3,000 over its limit and the card company tripled her interest rate to 30 percent.

I don’t have a credit card, but I’ve been dealing with similar penalties from my bank. I recently got rid of a debit card that was attached to my savings account because it came with all sorts of rules that I didn’t know about. For instance, it charged me for using it more than four times a month and for making transfers into my checking account. The bank sent letters in the mail, but I still didn’t understand what I was doing wrong. Ultimately, I decided to go down to the bank and clear my debt before it got any worse.

I’m not always that smart when it comes to money. I try and save, but most of the time I just end up spending my money on food, clothes and movies. I now have a debit card for my checking account, which is a lot more straightforward to use. I’m also better about checking my account online now.

I don’t know if I’ll get a credit card when I turn 18 next month. I’m afraid of overspending and not realizing it, then getting charged credit card fees and paying a higher interest rate. I want to be smart about it. Before I apply for a card, I’m going to get a good job and make sure I have a steady income.

My advice to other people my age: spend your money wisely, especially because it’s hard to get a steady job in this economy. Keep track of how much you’re making, how much you’re spending and what you’re spending your money on. Though it’s hard to make money, it's easy to spend it.