05/15/2009 - Congress is expected to send credit card reform legislation to President Barack Obama for signing by the Memorial Day weekend.
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"Right now, a lot of these cards are structured so that even if you are a day late, a penalty is triggered," said Nick Bourke of the Safe Credit Cards Project at the Pew Charitable Trusts.
A survey by Bourke's organization found that 90 percent of 400 credit cards issued by the nation's 12 largest credit card lenders had a penalty interest rate. The median rate was 28 percent.
Read the full article Credit Card Reform Confronts Multiple Consumer Complaints on The Tennessean's Web site.
