Consumers Union Attacks Credit Card Industry for the Holidays

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Consumers

Union Attacks Credit Card Industry for the Holidays

Consumers Union, best known as publisher of Consumer Reports

magazine, believes the credit card industry deserves a lump

of coal this holiday. To drive this point home, the group has

produced a satirical animation "It's Always Christmas Time (for

VISA)". According to Consumers Union, the animation highlights

unexpected credit card fees, rate hikes, and misleading contracts.

Consumers

Union is urging Congress to pass reform bills that would do

things like ban "universal defaults" (which some credit

card issuers use to hike fees for missed payments on unrelated

bills), prevent late fees on bills postmarked before the due

date, and prohibit over-the-limit fees if the issuer approves

the charge.

The

animation, which includes a song by Texas bluegrass band the

Austin Lounge Lizards with lyrics like "With our plastic

safety net/we've snagged the biggest loan shark yet" can be

viewed at http://www.CreditCardReform.org.

Published 12/06/05 (Modified 05/07/12)