Credit card reforms big topic in Congress
February 17, 2009 | USA Today, alternatives, industry, media coverage | Comments (0)From USA Today:
As credit card fee increases squeeze more consumers, lawmakers are stepping up efforts to reform criticized practices.In the latest round of fees, Capital One (COF), Citibank (C) and HSBC are raising interest rates for millions of credit card borrowers. Chase (JPM) is tacking on a $120-a-year fee and raising the minimum payment from 2% to 5% of the balance for hundreds of thousands of consumers with low interest rates. The actions come as unemployment rises and more consumers struggle to pay their bills.
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