March 7, 2007 — In a move that could help consumers, Congress will hold hearings today to discuss the tricky fees and the baffling penalties that credit card companies use to keep their consumers paying off high interest rates and finance charges month after month.
The hearings have banks and credit card companies howling in protest.
Take the example of Derek Lee, who paid off one of his credit cards because he wanted to cancel it. Six months later, he still hasn't been able to because the card company keeps charging him mysterious fees that keep the account open.
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Its about time! One more example of the war on the middle-class.
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