Tuesday, December 11, 2007

Credit Card gouging

Senator Carl Levin wants support for a bill to reduce credit card gouging. Sign up here.
Right now, credit card companies can institute unfair interest rate hikes and even raise interest rates retroactively on existing credit card debt. Senator Levin has introduced legislation to end these abusive credit card practices.

1 comment:

Anonymous said...

Why is this a problem? The solution for the consumer seems clear: Don’t use credit cards that gouge interest rates. Also, Read the contract before you sign. Credit card companies cannot retroactively accrue interest unless it was clearly spelled out in the contract.