Released: November 13, 2007

Consumer anger sparks congressional action

Source: Victoria McGrane, Politico

If you look at lobbying dollars alone, the tale of consumer interest groups fighting to regulate the wealthy credit card industry is one of David vs. Goliath.

But in this case, David has a lot of people, such as Wesley Wannemacher, on his side.

Wannemacher took out a Chase credit card in 2001 to cover wedding expenses, he told Senate investigators in March. Flowers and a photographer pushed him $200 over the $3,000 credit limit; he never charged another item to the card.

Quote: Consumer advocates are lobbying members, talking with the media and, perhaps most important, fueling thousands of letters and e-mails to lawmakers. At the urging of Consumer Action, a national nonprofit education and advocacy organization, more than 18,000 letters have been sent to lawmakers demanding changes to credit card practices.

Read Full Article: Consumer anger sparks congressional action