Fed moves to protect borrowers

The Federal Reserve has proposed a raft of measures to clamp down on unscrupulous lenders and strengthen consumer rights.

The rules, which target unexpected increases in credit-card balances and unfair interest charges, "are intended to establish a new baseline for fairness in how credit-card plans operate," said Ben Bernanke, the chairman of the Federal Reserve.

"Consumers relying on credit cards should be better able to predict how their decisions and actions will affect their costs," Berna

To continue reading...