Congress vs the Credit Cards

[innerslytherin]

I know I'm spamming you all. Sorry. >.>

http://money.cnn.com/2008/04/17/news/economy/credit_cards_hearing/index.htm?eref=rss_topstories

Thursday's hearing, which marked the fourth time in the past year that House lawmakers tackled the issue, has become an issue that has taken on more relevance as Americans face rising unemployment, rising inflation and have had to increasingly rely on their credit cards to make ends meet.

Based on the most recent data from the Federal Reserve, the average American family carries an average of $2,200 in credit card debt.

Critics have charged that many credit card issuers engaged in "unfair" practices such as raising interest rates on debt even when consumers pay on time or imposing excessive fees.

It's about damn time somebody did something about this.

Lawmakers were captivated by the credit card horror stories presented by three individuals Thursday, including that of Susan Wones, a Denver woman who said the rates on her multiple credit cards spiraled higher even though she stayed below her credit limit.