Why are credit card rates still out of control?

It has been more than six months since Congress began looking into what Sen. Carl Levin (D-Mich.) called the “unfair or abusive” practices of the credit card industry.

In March, bank executives were called to testify before the Senate Permanent Subcommittee on Investigations. So much public attention was focused on the issue at that time that several big banks announced they would modify or eliminate a few of their most egregious practices. Committee members vowed to write legislation to protect American consumers.

So far Congress has done nothing to reduce or limit the exorbitant fees and sky-high penalty interest rates being charged to cardholders. And consumers are about to take it on the chin yet again.

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