Credit Card Gouging

U.S. Sen. Christopher J. Dodd, who is campaigning for president, is using his bully pulpit as chairman of the Senate Banking Committee effectively to put banks and other credit card issuers on notice about their practices. Sen. Dodd called together academic experts and financial industry leaders at a Senate hearing the other day.

Sen. Dodd is concerned about the billing, marketing and disclosure policies and practices of the credit card industry. Too often, credit card companies virtually harass consumers by flooding them with checks they can make out to get, in effect, instant loans from the company.

These loans often are for low rates for short periods before the companies slap on very high interest rates.

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