U.S. House investigates credit card rates

CAPITOL HILL (AP) -- A House subcommittee is taking a look at recent spikes in interest rates for credit card holders -- even when they have paid on time and not exceeded credit lines.

Panel chairwoman Carolyn Maloney of New York says credit card companies should have responsiblities to consumers as well.

One woman from Denver told the subcommittee that Chase VISA jacked up her rate to 24.9 percent with no explanation.

There's talk of creating a credit card holders' Bill of Rights to protect consumers. But critics of the idea say it would cut off credit to some people and raise the price of credit for others.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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