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WASHINGTON — Two lawmakers in Congress are prodding the Federal Reserve to provide more protection so that credit-card users don’t get socked by exorbitant interest rates when they fall behind on their payments.
“Credit-card companies can still double or triple the interest rate when a consumer falls two months behind on payments” despite new Fed rules, Sens. Charles Schumer, D-N.Y., and Tom Harkin, D-Iowa, said Tuesday.
