Congress Probing Credit Card Industry

Congress Probing Credit Card Industry

There are 5 comments on the WUSA Washington, DC story from Dec 4, 2007, titled Congress Probing Credit Card Industry. In it, WUSA Washington, DC reports that:

WASHINGTON, DC - 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 ...

Join the discussion below, or Read more at WUSA Washington, DC.


Fort Collins, CO

#1 Dec 4, 2007
I think these companies definitely need some more regulation; as long as people are making their payments on time, how can these outfits justify increasing the interest rates? I mean, if people aren't paying off their entire bill at one time, the company is STILL making money off the customer, right?

Richmond, VA

#2 Dec 4, 2007
There does need to be some regulations regarding credit cards. I have five of them, received them all within three months of each other and have had them for years and the interest rate is very different on each, and two of them are paid in full everytime they are used and yet my interest rate went up on both, so needless to say they have not been used since I noticed that. My payments are always on time and yet when they increased the intrest on one I was told it was because of inflation. Yeah, inflation is a big one, everything is going up and yet peoples pay is staying the exact same. Either way, they are making there money by interest alone when someone does not pay the bill in full, so why keep hicking up the rates?
Thomas Brown

United States

#3 Dec 10, 2007
The way I see it, credit cards are private industry. You are not required to hold credit cards (why do you need five of them???). People have the free will to choose whichever card they want. You can go to and compare different cards. The two major problems are identify theft, which IS an issue that the government needs to help police and people who SHOULDN'T have credit cards, getting them and not knowing how to use them well. People who are in lower income brackets are sold on the possibility of owning what they can't afford and they get trapped into high rates. YOU shouldn't. We need better disclosure and more help for those who are less savvy.

London, UK

#4 Mar 26, 2014
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New Milford, CT

#5 Mar 28, 2014
People in charge of probe looking for more bribes. Ask Pelosi about her 50 grand "legal" bribe.

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