Thursday focus: Shopping life

The Obama administration is pressing for passage of legislation to rein in credit card practices and eliminate sudden rate increases and late fees that have entangled millions of American consumers.

Measures before the House and Senate are designed to enhance protections for consumers.

The House bill, scheduled for a vote today, would prohibit double-cycle billing and retroactive rate increases and ban the issuance of credit cards to people younger than 18. But the bill wouldn’t take effect until a year after enactment.

Another requirement in the bill, that customers receive 45 days notice before their interest rates are increased, would go into effect in 90 days.

Banking industry officials oppose the legislation, warning that the limits on credit card practices would prompt lenders to restrict credit in an already tight market or force them to raise interest rates and fees.

U.S. credit card debt has jumped 25 percent in the past 10 years, reaching $963 billion in January, according to figures from the White House. The average outstanding credit card debt for households that have a card was $10,679 at the end of 2008, according to CreditCards.com, an online market.

Roughly 16,000 companies in the U.S. issue credit cards.

Save eating out: Several Web sites offer diners ways to save at restaurants across the country. Here are a few worth checking out.

•Chowhound. chow.com: Billed as a community site “for those who live to eat,” you can find tips on affordable dining options and other food-related topics. There are discussion boards for both the U.S. and abroad.

•Dinnerbroker. com: Users get discounts ranging from 10 percent to 30 percent for booking reservations during off-peak hours.

•Mykidseatfree. com: The site lists restaurants nationwide that offer kid-friendly deals. It’s maintained with the help of visitors, so call listed restaurants to confirm that deals are still available.

•Opentable.com: Members can get 100 points or more for making reservations on the site. A $20 certificate is rewarded for every 2,000 points earned.

•Restaurant.com: The site sells discounted gift certificates for thousands of restaurants nationwide. For instance, a $25 certificate can cost $10 or a $50 certificate can go for $20.

From wire reports