Crackdown on credit card industry expected

December 16, 2008 6:53:53 PM PST
On Thursday, federal regulators are expected to vote on a series of new protections for credit card users. 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.