Controversial, unpopular credit-card practices, from higher interest rates on past balances to fees for paying by phone or online are being scrutinised by Congress and the White House.
Because of the depth of the current economic slowdown, lawmakers are pushing legislation this week that would help consumers by stopping a wide array of credit-card practices that essentially amount to higher costs for customers.
On Thursday, there is a scheduled meeting where credit-card executives are to meet the Obama administration at the White House on Thursday. This move has been taken to put further pressure on the finance industry, especially as Barack Obama, US President, is expected to attend.
For more information visit the article on the Wall Street Journal
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