WASHINGTON - Sen. Chris Dodd (D-Conn.) has introduced a bill Tuesday that looks to protect consumers from credit card companies' predatory practices.
Many consumers say they've recently received letters telling them their interest rates and fees are increasing. Dodd says that's contrary to a law Congress passed earlier this year.
According to Dodd, the credit card companies are trying to gouge customers before the new law goes into effect next year.
"What they've done, of course, is abused that relationship by...jacking up these fees and interest rates and penalties," he says.
Dodd is calling for an immediate freeze on credit card interest rates on existing balances.