[tag]Congress[/tag] is taking the [tag]credit card companies[/tag] to task over [tag]fees and interest rate[/tag] practices. [tag]Sen. Carl Levin[/tag], [tag]Chairman of the Senate Homeland Security subcommittee,[/tag] said an investigation by his panel found “abusive” and confusing practices by credit card companies that can increase financial pain for many families.
What Sen. Levin is doing is trying to get the credit card companies to take action on their own. They would be smart to take action because the last thing the [tag]banking industry[/tag] wants is congress to start legislating their business.
[tag]Citibank[/tag] has already made changes in their fees and interest rates to make a good show to congress.
All American families who carry credit debt appreciate the effort of Senator Levin, but let’s hope this is a first step in getting real control of the Credit card industry. [tag]Debt[/tag] is not good for America. When Americans are strapped with debt they can spend less on the economy, their quality of life suffers, and we also know the number one cause of divorce is finances.
Stay tuned America. Let’s hope this congress goes to battle for us. Until then keep [tag]paying of your debt[/tag]!