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The Battle Over Credit Card Reform
Credit card advertisements posted at a bowling alley in Palo Alto, Calif., Wednesday, July 30, 2008. Visa Inc. says its profit rose a better-than-expected 41 percent in the most recent quarter, as more money changed hands using its credit and debit cards. (AP)

Credit card advertisements posted at a bowling alley in Palo Alto, Calif., July 2008. (AP)

Americans and their credit cards have always been a saga. In the economic meltdown, it’s been a bloodbath, too.

Fifty-five billion dollars in credit card defaults last year. But top banks still made $27 billion off plastic and you. They did it with some pretty hardball tactics. Tricks and traps, critics say. Rough fees, fine print, jacked up rates.

Banks say they need the rough stuff to make it work. Consumers are crying foul. Now Congress is weighing in with a Credit Cardholders’ Bill of Rghts. The White House is on board. Banks are fighting back.

This hour, On Point: The battle over credit card reform.

Have American credit card lenders gone too far with the rough stuff? The squeeze? Has American borrowing gone too far, on plastic? Tell us what you think — here on this page, on Twitter, and on Facebook.

Guests:

Joining us from Washington are:

Sudeep Reddy, reporter for The Wall Street Journal.

Nessa Feddis, vice president and senior counsel for the American Bankers Association, the financial services industry’s largest advocacy group, representing the majority of credit card companies.

Travis Plunkett, legislative director for the Consumer Federation of America, which represents hundreds of consumer advocacy groups.

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ONPOINT
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Aug 28, 2015
WDBJ-TV7 meteorologist Leo Hirsbrunner, right, wipes his eyes during the early morning newscast as anchors Kimberly McBroom, center, and guest anchor Steve Grant deliver the news at the station in Roanoke, Va., Thursday, Aug. 27, 2015. Reporter Alison Parker and cameraman Adam Ward were killed during a live broadcast Wednesday, while on assignment in Moneta. (AP Photo/Steve Helber)

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Aug 28, 2015
Lightning first ignited the Meadow fire on July 20, 2014 in Yosemite. By September 8, the fire had charred 2,582 acres. Bernie Krause has recorded soundscapes of national parks destroyed by large areas of forest fires. Listen below.  (National Park Service)

A legendary natural sound collector shares his recordings. We’ll listen in.

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Aug 28, 2015
Lightning first ignited the Meadow fire on July 20, 2014 in Yosemite. By September 8, the fire had charred 2,582 acres. Bernie Krause has recorded soundscapes of national parks destroyed by large areas of forest fires. Listen below.  (National Park Service)

A legendary natural sound collector shares his recordings. We’ll listen in.

 
Aug 28, 2015
WDBJ-TV7 meteorologist Leo Hirsbrunner, right, wipes his eyes during the early morning newscast as anchors Kimberly McBroom, center, and guest anchor Steve Grant deliver the news at the station in Roanoke, Va., Thursday, Aug. 27, 2015. Reporter Alison Parker and cameraman Adam Ward were killed during a live broadcast Wednesday, while on assignment in Moneta. (AP Photo/Steve Helber)

A deadly shooting on live TV. Wall Street’s roller coaster ride. Biden considers a White House bid. 10 years since Katrina.

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