Think credit-card companies need to be clamped down on? You're not the only one. Increasingly, Washington agrees. Legislators push for federal regulation of the credit-card industry is hitting a fever pitch this week.

President Obama has asked Congress to get him legislation by Memorial Day. Monday, the Senate began consideration of the Credit Cardholders Bill of Rights, which passed the House in late April by a wide margin of 357 to 70. They re also looking at Sen. Chris Dodd s Credit Card Accountability, Responsibility, and Disclosure Act (a.k.a. the CARD Act). Meanwhile, the American Bankers Association warned senators in a letter Tuesday that the legislation would further restrict the already tight credit market.

Both bills in contention support Federal Reserve regulations that would eliminate controversial industry practices such as rate increases on existing balances and require more advance notification of account changes such as rate increases and credit line changes that could incur fees.

Good. They should be required to tell me everything about my account, says Sue Fuss of West Fargo, N.D., who had two of her accounts closed without notice. Otherwise, I d be the one with egg on my face standing at the till, and hearing that my card was declined.

While the regulators and legislators kick around the issue, plenty of average Americans say they are running into real problems. At least 10 million cardholders have seen their interest rates jump in the past six months, estimates the Center for Responsible Lending. And although some banks have taken a few stepsFor a rundown of the worst, read our series

I realize the issuers have to have some ability to raise rates and cut credit lines, but it seems arbitrary -- they do it whenever they can get more money in fees and interest, says Charles Rowland of Sealy, Texas, who had several issuers change his payment due date without notice. I d like to see the government lay out some rules, or at least make them disclose what triggers these changes.

Fuss and Rowland are among the hundreds of readers who have flooded us in recent months with tales of their credit-card experiences. Below, a sampling of what those readers are saying:

Stop playing with our scores

HSBC cancelled my account with them last month due to inactivity for the past six months, yet they sent me a new card only four weeks earlier. To add insult to injury, I received a pre-approved solicitation for a credit card from HSBC just last week. I have credit scores between 750 and 800. I have never had a late payment and I pay my balances in full each month with the exception of occasional promotional offers. How is the consumer to protect himself when these occurrences are so arbitrary and will obviously impact my credit scores in the long run?
-- Lance Hendricks, Tulsa, Okla.

"As we have previously stated, in an effort to reduce credit risk and refine strategies for our card business, we have tightened credit standards, reduced or canceled higher risk credit lines, and closed a number of inactive accounts, says HSBC (HBC) spokeswoman Cindy Savio. Our customer service representatives are always available to address any specific concerns a customer may have regarding their account. HSBC declined to comment on individual cardholder accounts.

Speak plainly, not in fine print

I received a written notice in the form of one of those booklets that is about six inches tall and unfolds to over two feet long written in a small font on both sides. When you get this, you know something has changed, but whatever has changed is buried. I found out the next month the change was that I now have a fluctuating due date. When I missed the earlier due date, they applied late fees and interest even though my previous month s charges were paid in full when the month closed. The credit-card companies make a game of figuring out how to charge more of these fees.
-- Martha Polley, Mobile, Ala.

Leave us

My wife and I have FICO scores well over 700 and no negatives on our credit record. With a balance of $4,700 as of today and a credit limit of $14,000, AmEx lowered our credit line to $5,000. We received a voice message and an email notifying us of the change with a letter arriving in the mail. With American Express receiving TARP money, this seems like such a dastardly act which deserves some kind of response from Capitol Hill.
-- Chris Tomas, Orange, Calif.

American Express (AXP) declined to comment on individual cardholder accounts.

Keep our accounts active

Bank of America did a good one to me. I called to see if there were any lower rates that I could get and without answering my question, they told me to cut up both of my cards. [They had closed them without notice.] I had no late payments and I always paid the cards off. Then a few days ago I got a letter that said that since I was in such good standing with them, they had increased my credit limit to $30,000. What a joke!
-- Terry Everett, Libby, Mont.

We continue to closely monitor accounts for risk and may make adjustments in customers lines as appropriate based on their risk profile and performance with us, says Bank of America (BAC) spokeswoman Tara Banks. "We also are closing some accounts with zero balances that have been inactive for more than a year. These are not necessarily new practices, but we are taking a more aggressive look at accounts to control risk given the current environment. She declined to comment on individual customer accounts.