Posted Monday, March 2, 2009
Credit card companies are canceling cards, cutting credit limits and raising rates. It's all part of an effort by banks to limit their risk. But consumers aren't happy. New regulations requiring credit card companies to be more consumer friendly are on the way but they don't take effect until 2010. Some U.S. Senators say there is no time to waste and they have proposed legislation that would put the new rules in place sooner. Guest host Tamara Keith who frequently covers business for NPR in Washington and Plain Dealer Consumer Columnist Sheryl Harris will discuss the trouble with credit cards and what you can do to protect yourself, Monday morning at 9 on The Sound of Ideas®.
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