Given the dramatic changes that have occurred in the credit card industry in recent years – and the harmful impact that some of these changes are having on consumers as this country slides into recession – no industry in America is more deserving of oversight by Congress. We applaud the Subcommittee for examining many questionable practices in the credit card industry over the last year, including the terms and conditions of credit card contracts, unjustified fees and interest rates and marketing and credit extension practices. It is particularly important that you are holding a legislative hearing today that includes testimony from cardholders who are being negatively affected by some of these practices.