Consumers are getting increasingly aggitated over what are widely regarded as 'shady' credit card company practices. These include many 'innovative' ways to leech more money in fees and penalties from their consumers.True, many of these consumers have brought misfortune upon themselves through bad financial decisions or a lack of understanding about how their credit card works.

Federal regulators are considering taking action against the credit card companies employing these deceptive or misleading practices. They recently had a forum which allowed unsatisfied consumers to air their opinions.

"I agree that 30 days late is late — one day is not late! I support the 21 day period that you are proposing for issuers to mail deliver the bill to me. It gives me a chance to avoid expensive late fees and maybe even a penalty interest rate," wrote Mary Kleiss, Port Charlotte, Fla.

Some of the ways the government proposes to curb the increase in these practices include:
 

• Prohibiting a rate increase on an outstanding balance, except under limited circumstances, such as when a minimum payment has not been received within 30 days after the due date.
• Prohibiting institutions from applying payments over the minimum in ways that maximize interest charges.
• Requiring a reasonable amount of time for consumers to make payments.
• Prohibiting interest charges using the "two-cycle" method that computes interest on balances on days in billing cycles before the most recent billing cycle.
• For deposit accounts, requiring institutions to provide consumers with notice and the opportunity to opt out of automatic overdraft payments, before any overdraft fees or charges may be imposed.

Unsurprisingly, the credit card companies are unenthusiastic about the government stepping into their business. Read more on the issue over at Wall Street Journal's MarketWatch.

Read the proposed list of changes by the Federal Reserve Board at their web site, here.