Consumer's Union says....

The bank and credit card lobbyists are swarming Washington to gut the bills, claiming they will “harm consumers and the economy at the very time our country can least afford it.” Say what?

This is the same industry that wrote the contracts that allow them to jack up your card’s interest rate at any time, for any reason, even when you pay your bill on time -- just as Bank of America did last week. Or charge you a 27 percent ‘penalty’ interest rate for as long as they want for the most minor infraction, such as paying your bill three days late.

The legislation would make the banks treat you fairly: Charge interest rates that you agreed to pay, apply your payments more fairly to higher-interest balances, and impose reasonable fees. It’s not a free ride for consumers or the banks.

Bank of America last week zapped millions of credit card customers with big interest rate hikes. Banks say if they can’t randomly change the deal you agreed to, it will ‘harm consumers and the economy.’