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Article: Senators introduce legislation to curb credit card practices
- Article from:
- Bank News
- Article date:
- July 1, 2007
- Author:
CopyrightCopyright Bank News, Inc. Jul 2007. Provided by ProQuest LLC. (Hide copyright information)
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Legislation designed to stop some of the most egregious credit card practices that deepen or prolong credit card debt held by consumers has been introduced by Sen. Carl Levin, D-Mich., and Sen. Claire McCaskill, D-Mo. The Stop Unfair Practices in Credit Cards Act follows an investigation and hearing by the Permanent Subcommittee on Investigations, which Levin chairs and on which McCaskill serves.
"Credit card issuers too often sock consumers with sky-high interest rates and excessive fees, making it harder and harder for families to climb out of debt," Levin said. "The goal of this legislation is to put an end to unfair and abusive credit card practices that outrage so many American ...