Credit Card Smakedown Continues...Or At Least Is Trying.

I truly believe that so many things that happen in our economy are all government controlled by those who promote their own gain without regard for the rest of the populace.

We have discussed before the current crackdown on credit card companies and their deceptive practices. Laws have been passed to go into effect next year. There are those trying to do more, but are being held back.

Will a wave of populism push Congress to sign off on consumer oriented legislation that has stalled for years?

CNNMoney.com gives us some insite on what's going on. It's been an annual rite in Washington for more than a decade: Key Democrats in Congress vow to crack down on credit card companies and protect consumers.

Every year, the bills go nowhere. this year could be different.

Many insiders on both sides of financial services issues expect pro-consumer legislation to ride the populist wave that swept Democrats into the White House and to Congress in greater numbers.

"If not now, then when?" asked Kathleen Day of the Center for Responsible Lending. "The momentum is certainly there."

The bills would, among other things, ban card companies from abruptly jacking up interest rates and fees and prevent young adults from getting credit cards.

But if the bill advances all the way to President Obama's desk, it won't be without a fight.

These laws need to get passed. I think that it's OK for credit card companies to raise rates or close accounts of those late and behind on their payments. Although, this could make a bad situation worse. But raising credit card holders rates when they are time on their payments is just not right. Write your Congressman and let them know you want this. Let's get these bill passed now and knock off the monkey business.