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Banks’ complex credit-card rules scrutinized
March 14, 2007

Source: MSNBC
Major lenders to testify at hearing about ‘abusive’ practices.

A Senate panel is examining complex billing and interest-rate practices for credit cards that critics say confuse consumers and can push them deeper into debt. Sen. Carl Levin, D-Mich., chairman of the Senate Homeland Security and Government Affairs subcommittee, said an investigation by his panel found “abusive” and confusing practices by credit card companies that can increase financial pain for many families.

“The penalties are repeated and they keep you in debt,” Levin told reporters in advance of a hearing Wednesday at which major credit card issuers were expected to testify.


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