When the Democrats won control of Congress in November, I said that in some ways, it would be a blessing in disguise, and not everything they would do would be bad.
AP:
A Senate panel today is examining complex billing and interest-rate practices for credit cards that critics say confuse consumers and can push them deeper into debt.
Sen. Carl Levin, D-Mich., chairman of the Senate Homeland Security and Government Affairs subcommittee, said an investigation by his panel found “abusive” and confusing practices by credit card companies that can increase financial pain for many families.
“The penalties are repeated and they keep you in debt,” Levin told reporters in advance of a hearing Wednesday at which major credit card issuers were expected to testify.
He is right to try and undo some of the complexity of credit card fees and terms. But I wonder if he would do the same for the Federal income tax code.
