05/04/2009 - At a time when families are struggling to make ends meet, credit card companies have the power to raise interest rates and change account terms at any time. All major issuers studied by the Pew Health Group used practices that, according to the Federal Reserve, can cause substantial harm to consumers – adding hundreds or thousands of dollars per year to the cost of credit card purchases.
The Senate should join the House in passing strong, bipartisan credit card legislation now.
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Pew is no longer active in this line of work, but for more information visit the Safe Credit Cards Project on PewHealth.org.