Madam Speaker, one of the most outrageous features of the credit card business is the example of people who try to paydown their credit card every month. Sometimes if they owe a $1,000 balance on the card and make a payment of $980, leaving a balance of $20, they think that somehow the interest they owe will be based on that $20 balance, as it should be. However, in fact, when they get their statement, they find they have to pay interest on the entire $1,000, and that is absolutely outrageous.
What ways we can we go about changing that very unfair provision in credit card practices?