Credit card debate heated

Some call it legalized loan-sharking. Others insist it's the only way to ensure all Americans have access to credit.

In either case, the lending practices of credit card companies are coming under increased scrutiny these days. Congress is considering legislation that would curb companies' ability to raise interest rates on cardholders' unpaid balances and to charge interest on late or over-the-limit fees.

A growing chorus of consumers complain that the nation's soaring credit card debt is more a product of banks preying on the vulnerable than Americans' careless management of personal finances.

The court of public opinion already appears polarized on what critics call predatory lending practices - companies charging exorbitant interest rates and penalty fees.

"It's not illegal, but it's very unethical," said Richard Cook, a former federal government analyst and author. "It's legalized loan-sharking."

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