Released: May 06, 2008

Overdue first step to curb credit card abuses

Source: USA Today "Our View"

For years, neither regulators nor lawmakers have taken much notice as consumers cried for help against unfair credit practices. Card issuers were left free to jack up rates and already record-high fees and penalties, both on good customers and those struggling to pay off their debt. At long last, however, federal regulators are proposing rules to rein in some of the card issuers' most egregious practices. The rules would "establish a new baseline for fairness," Federal Reserve Chairman Ben Bernanke said on Friday.

Read Full Article: Overdue first step to curb credit card abuses