Congress Is Finally Fed Up with US Credit Card Issuers

In an article titled "With Support, Congress Seizes on Credit Cards", Carl Hulse writes for the New York Times how it seems like Congress is fed up with the actions of the credit card industry - and how "lawmakers are racing to put new restrictions on card companies, seizing on an issue with overwhelming popular and political appeal."

Hulse quotes Edward L. Yingling, president of the American Bankers Association, as saying that “the industry recognizes that the product got way too complicated, and people didn’t understand it and perceived they were being treated unfairly.” Polls indicate near universal consumer support for imposing new rules on the credit card issuers.