Released: December 04, 2007

Credit card practices denounced

Source: Marcy Gordon, Associate Press

Congress is renewing its scrutiny of the credit card industry, as some lawmakers denounce the practice of raising customers’ interest rates when their credit scores decline, even if they make their card payments on time.

Industry critics say it’s another example of abusive, confusing credit card practices that can push consumers deeper into debt.

Sen. Carl Levin, D-Mich., chairman of a Senate Homeland Security and Governmental Affairs subcommittee, is holding out the club of possible legislation to spur voluntary changes by the industry.

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