Congress Looking to Change Lending Practices
POSTED: Monday, May 4, 2009 - 9:19am
UPDATED: Thursday, February 25, 2010 - 11:32am
With ever more consumers maxed out on their credit cards, Congress is edging closer to passing legislation that would crack down on lending practices that put borrowers deeper in debt.
Billed as the credit card holders bill of rights, the measure passed the House on Thursday, sending it to the Senate for possible action next week. It would stop credit card lenders from making sudden interest rate changes and other practices that are frowned upon by consumer advocates.