Halting Unfair Credit Card Practices
This chapter examines a Levin-led PSI investigation into unfair credit card practices that loaded down American families with expensive debt. It describes how the inquiry uncovered the abusive practices and held hearings requiring testimony from chief executives at leading credit card companies, including Chase, Bank of America, Discover, and Capital One. The chapter culminates with enactment of a credit card reform bill, authored in part by Senator Levin. Later studies found that the new law successfully ended the abuses, while preserving a healthy credit card market.