The Founding Fathers left one legacy not celebrated on Independence Day but which affects us all. It's the national debt.

Despite swelling delinquencies and reform pressure from the government, credit card companies are using pricing power and staying power to emerge as a favorite among market pros.

Citigroup has increased interest rates on up to 15 million U.S. credit card accounts just months before curbs on such rises come into effect, the Financial Times reported citing people close to the situation.

A crackdown on credit limits by card companies is squeezing the nation’s 27 million small businesses, exacerbating the problems brought on by a stagnant economy.

As they confront more troubled customers, credit card companies are doing something they have historically scorned: settling delinquent accounts for much less, the New York Times reports.

U.S. credit card defaults rose to record highs in May, with a steep deterioration of Bank of America's lending portfolio, in another sign that consumers remain under severe stress.

The Federal Reserve should stop buying government debt and instead focus on kick-starting areas of the credit markets having to do with consumers, Steve Forbes, Forbes CEO, told CNBC Monday.

Debt held by non-financial sectors in the U.S. expanded by 4.1% in Q1 2009, the slowest rate since Q2 2008, according to the federal government's flow-of-funds report which was put out today.

Borrowing by consumers fell by $15.7 billion in April as U.S. households continued to trim spending and put away their credit cards amid a severe recession.

New York state Insurance Superintendent Eric Dinallo will resign effective July 3 and become a visiting finance professor at New York University's Stern School of Business, Governor David Paterson said Thursday.

The credit-card overhaul that President Obama will sign into law Friday is expected to trigger a broad restructuring of how credit cards are priced, managed and marketed.

The credit card reform bill, which passed through Congress Wednesday and is expected to be signed into law by President Barack Obama Friday, will serve as a "warning light" to credit card companies that they can no longer take advantage of consumers, Rep. Paul Kanjorski, D—Pa., said.

The head of the Securities and Exchange Commission is objecting to a plan being considered by the Obama administration to create a new financial watchdog to protect consumers.

The bill is expected to be  signed into law by the President in the next few days.

A panel of President Barack Obama's economic advisors stepped into the public view on Wednesday at a meeting to discuss energy issues and job creation.