Payday Pundit

Still more action in the Congress to get the system of credit card billing and overdraft charges under control.  CNN reports:

The House Financial Services Committee voted 39-27 in favor of legislation that would prohibit or restrict practices such as interest rate increases on the existing balance of a cardholder who has been making on-time payments on their account.

Rep. Carolyn Maloney, D-N.Y., the sponsor of the legislation, cited “due-date gimmicks, penalty fees,” and multiple over-the-limit charges for a single overdraft violation.

“Without legislation, lucrative abusive practices will continue,” Maloney said during the panel’s debate on the legislation.