An item in today’s Marketplace Morning Report started out with this condemnation: Credit cards. Aren’t they evil? A convenient, maybe even necessary evil, perhaps, but such a temptation.
They reported that the Senate’s Banking, Housing, and Urban Affairs Committee heard testimonies from consumer advocates today who want to see more regulation of the credit card industry. According to the AP Report, the committee chair plans to crack down on the fees charged by the credit card companies and scrutinize the way they take advantage of members of the military.
Eilzabeth Warren, a professor at Harvard Law School, testified this morning. She wrote about the hearing briefly on her blog, and I’m looking forward to the follow-up.
Also, check out The Secret History of the Credit Card, posted at Millionster.
Updated January 28, 2014 and originally published January 25, 2007. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.