UPDATE 10:05Am: The hearing is live on Senate TV and the consumers are telling powerful stories. Here is Senator Levin's news release and here is his list of exhibits explaining the problems of the 3 consumer witnesses and 5 other consumers as well. Here is an AP story.

Expect Senator Carl Levin's Permanent Subcommittee on Investigations to hold a blockbuster hearing today at 9:30am. His witnesses include "a panel of cardholders who experienced interest rate increases, as well as representatives from credit card companies." The last time Levin held a hearing, Citi gave up one unfair practice and Chase gave a sort of half-hearted public apology to a consumer it had previously thrown under a bus. Chase also decided that it had already dragged him under the bus long enough, so it waived the remainder of the punitive interest and fees he still owed. Well, since he had already paid back more than double his original balance in interest and fees, Chase did OK on that loan, so don't feel sorry for them. We summarize Wesley Wannemacher's story at our truthaboutcredit.org site. He unknowingly borrowed just $100 over his $3,000 limit, to pay unexpected costs at his wedding. He then paid unexpected costs in recurring over-the-the limit and late fees at punitive penalty interest rates. He paid back well over $6,000 in principal, interest and fees but still owed another $3,500. Chase waived it on the eve of the Levin hearing in March. We're looking forward to more stories today about the unfair ways big credit card companies make money. Here's a hint-- they don't earn it, they take it.