Crackdown on credit card industry expected

The rules would ban banks from practices like raising interest rates on pre-existing credit card balances and charging excessive late fees.

Consumers would also be given a reasonable amount of time to make payments and statements would have to be more clear about changes to accounts.

The Consumer Federation of America says almost 5 percent of all credit card holders were delinquent in the third quarter of this year.

Copyright © 2021 WLS-TV. All Rights Reserved.