Speaking before a panel of the House Financial Services committee, Senator Carl Levin, D-Mich. and Sen. Ron Wyden, D-Ore., urged action as Americans face rising unemployment and sluggishness in the overall U.S. economy
From Carl Levin's press release:
Credit card companies have gone too far when they hike the interest rates of cardholders who pay on time and comply with their credit card agreements, impose interest rates as high as 32%, charge interest for debt that was paid on time, apply higher interest rates retroactively to existing credit card debt, pile on excessive fees, charge interest on those fees, apply consumer payments first to the debt with the least expensive interest rate, and engage in other outrageous practices that are burying American consumers in a mountain of debt. Working families are already under pressure from skyrocketing gasoline and food costs, the mortgage crisis, and mounting debt; now more than ever, credit card abuses are compounding their misery
That's no lie but will Congress actually do the right thing and stop these predatory loan practices?
Looks like Barney Frank has been busy, very good, this is so long overdue!