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WASHINGTON — Credit-card-industry practices are being denounced by some in Congress, especially raising the interest rates of customers whose credit ratings decline, even if they pay card bills on time. Industry critics say it’s one more example of abusive, confusing credit- card practices that can push consumers deeper into debt.
Sen. Carl Levin, D-Mich., chairman of a Senate Homeland Security and Governmental Affairs subcommittee, is holding out the club of possible legislation to spur voluntary changes.
“Working people are being squeezed,” Levin told reporters Monday. In a call for “good, strong legislation” by the end of the year, Levin said, “These abuses need to be remedied. … We have some real momentum for reform.”
