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CREDIT CARDS-CONGRESS
(2007-12-04)
(wgvu) - MICHIGAN U.S. SENATOR CARL (D-MI) LEVIN HOLDS A
HEARING TODAY ABOUT BANK CREDIT CARD POLICIES.
SOME DEMOCRATS IN CONGRESS ARE CRITICIZING CREDIT CARD INDUSTRY
PRACTICES, ESPECIALLY THE RAISING CUSTOMERS' INTEREST RATES WHOSE
CREDIT RATINGS DECLINE.
LENDERS CAN RAISE RATES EVEN FOR PEOPLE WHO PAY CARD BILLS ON
TIME.
LEVIN CHAIRS A SENATE HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS
SUBCOMMITTEE AND SAYS HE MAY BACK LEGISLATION IF BANKS DON'T MAKE
VOLUNTARY CHANGES.
LEVIN'S SUBCOMMITTEE LOOKS AT HOW CREDIT-CARD ISSUERS RAISE
CONSUMERS' RATES WHEN THEIR CREDIT RATINGS DROP -- REGARDLESS OF
PAYMENT HISTORY.

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