05/15/2009 - Congress is expected to send credit card reform legislation to President Barack Obama for signing by the Memorial Day weekend.
"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.
Pew is no longer active in this line of work, but for more information visit the Safe Credit Cards Project on PewHealth.org.