Credit cards are in the news big time this week. The new Congress is taking aim at the credit card industry for confusing contracts, high fees, arbitrary interest rate hikes and many other practices that infuriate consumers. Some of these may be familiar to you. A Senate committee Wednesday called at least one frustrated consumer, as well as three credit card executives to testify. USA Today's story on the hearing includes a nice breakdown (on the left) of some typical fees and billing tactics that can turn a modest amount of debt into a monster.

Our post earlier this week mentioned two CC companies that are voluntarily relaxing some billing rules. More companies have announced similar changes in the last 48 hours.

Consumer tip #1: the CC industry is extremely competitive. If you don't like your card's way of doing things or your interest rate, shop around. There are lots of companies out there that would love to sign you up with a 0% balance transfer, a low introductory APR, etc. Just watch out - those low APRs often jump up after six months or so.

Consumer tip #2: Did you know you can opt out of those pre-approved credit card offers you get in the mail?