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April 30th, 2008
Posted: 04:40 PM ET
NEW YORK (CNNMoney.com) — A group of Democratic lawmakers unveiled sweeping legislation Wednesday that promises to shield consumers from harmful, and in some instances predatory, practices by the credit card industry. Introduced by Sen. Christopher Dodd, D-Connecticut, the Credit Card Accountability, Responsibility and Disclosure — CARD — Act would take aim at industry billing, marketing and disclosure practices at a time when credit card debt has become an issue of importance to a growing number of Americans. “This bill will stop abusive credit card practices that drag so many Americans and their families further and further into debt,” said Dodd, who chairs the Senate Banking Committee. The proposed legislation would prohibit issuers from, among other things, engaging in practices like charging customers fees to pay bills by phone or “universal default,” which allows an issuer to raise interest rates if a consumer is late paying any other bills. –From CNNMoney.com’s David Ellis |
 
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