Levin on Credit Cards

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Sen. Carl Levin came fresh from hosting hearings with credit cards execs under oath on Capitol Hall, to Michigan State University where he talked with students about credit cards.

He's critical of the companies' use of fine print, of interest charged for the full balance even if only part is unpaid, and of monthly "over-the-limit" fees charged for anyone who goes over the limit just once.

He says he plans to introduce legislation to combat those problems.

Students like sophomore finance major Nigel Scarlett welcome change. Scarlett says he's over his balance, and can't catch up. "I'm a finance major, and I don't get my credit card!" he says.

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