I am deeply angered by the stories I have heard from honest, hardworking Wisconsinites who are abused by giant credit card companies.

Just before Christmas, I heard from a teacher in Madison whose credit card company was raising her interest rate sky high. Never mind that she had an excellent credit rating and never paid late. She was forced to slice her Christmas gift list and had to cut back on supplies for her students and classroom.

I heard from a gentleman in Lake Mills who was a loyal big bank customer for 30 years and always paid his credit card bills on time. He told me that his interest rate was suddenly raised to more than 28 percent. To make matters worse, not long after the increase, the company abruptly cancelled his card. When he called to complain, he was told his account would be reopened…except it wasn’t. The next time he tried to use the card, it was declined and now he fears his credit rating will be negatively affected.

A woman from Madison wrote to say that the 2 percent she’d been required to pay each month on her credit card balance had suddenly been raised to 5 percent. “It has doubled our payment and it will be nearly impossible to keep up with my payments,” she said.

Time and again, these giant credit card companies take customers to the cleaners while paying big salaries and bonuses to their executives.

Credit-card debt in the U.S. has reached a record high, with almost half of American families currently carrying a balance and paying high, and often exorbitant, interest fees. One-fifth of those who carry credit card debt pay an interest rate above 20 percent, giving the credit card companies billions and billions of dollars in penalty fees.

On February 22, many of the credit card industry’s abusive practices will end. The CARD Act, legislation I co-sponsored, will go into effect and put a stop to unfair credit card rate increases and excessive fees and penalties.

From now on, when you open a new credit card, there are no interest rate increases for the first year. With certain pre-stated exceptions, credit card companies can no longer retroactively hike your interest rate on existing balances – they must give you 45 days notice before they increase it.

If your credit card company is going to make changes to your card’s terms, it must give you the option to cancel the card before certain fee increases take effect. The company cannot charge interest twice for balances paid on time. And it will not be able to trick you with due-date gimmicks.

Young people will be better off, too. For years, credit card companies offered credit to vulnerable young people who were not mature enough or financially solvent enough to handle them responsibly. The CARD Act protects young people from aggressive credit card marketing and requires proof that an applicant under the age of 21 or a co-signer has the means to repay any credit extended.

Our economic recovery depends on a shared prosperity. With the CARD Act, we are putting an end to abusive practices that have driven so many Americans deeper and deeper into debt. As we rebuild our economy and rein in the excesses of Wall Street and the banking industry, it is my goal to ensure that we alleviate the struggles of Wisconsinites and their families in this recession.

If you feel that your credit card company is not treating you fairly, please call my office in Madison (608-258-9800) or Beloit (608-362-2800).