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Senator Claire McCaskill of Missouri and Senator Carl Levin of Michigan toady introduced legislation designed to reign in credit card companies and the fees they charge. KSMU's Jana Greer reports.
The legislation is meant to stop credit card practices that deepen or prolong consumer credit card debt. Senator Claire McCaskill says she hopes this legislation will help families all over Missouri.
The legislation came about after a report from the Government Accountability Office analyzing credit card fees, interest rates and major credit card company practices. The act would restrict interest rates and credit card fees for consumers. The US Senate Banking Committee will be voting on the legislation.