State senators voted Wednesday to spell out once and for all that banks and collection agencies have six years — and not three — to pursue people who default on their credit card debt.

A massive tidal wave of bad credit card debt is surging toward Wall Street, prompting more investor panic and pushing more consumers to the brink of financial devastation.

Former Arizona State University student Mallory Parker was walking through campus her freshman year when she was presented with an offer — a credit card that would pay for meals, books, rent and all other expenses that build up day after day.

Mike Sullivan has counseled many people who cosigned on a loan in earnest, then paid dearly later. Sullivan is director of education for Take Charge America, a Valley-based credit counseling agency.

Accepting a free bag of M&Ms today could mean graduating college with a mountain of unmanageable credit card debt.

NEW YORK - Don’t be surprised if the minimum payment on your credit card goes up. Under pressure from federal regulators, credit card issuers are raising the minimum payments consumers must make on their monthly bills.

A bank's error in legally pursuing a customer for a credit card debt is going to leave it without the ability to collect the funds owed.

Consumer advocates and banks are headed for a showdown this year over whether consumers are being victimized by credit card issuers.

Credit card issuers are hoping more consumers reach for their plastic this tax season if they owe money to the Internal Revenue Service.

WASHINGTON — Riding a crest of populist anger, the House of Representatives on Thursday approved a bill to restrict credit card practices and eliminate sudden increases in interest rates and late fees that have entangled millions of consumers.

State lawmakers voted Tuesday to try to protect college and university students from their own financial irresponsibility.

House Democrats made good on one of their promises, restoring a budget procedure Republicans allowed to lapse in 2002 that’s designed to restrain deficit spending.

NEW YORK  — The new credit card law is finally here. Starting Monday, banks will need to abide by new regulations on terms and disclosures. The idea behind the landmark law was to prevent banks from using practices that often dug borrowers deeper into debt.

WASHINGTON - Check your holiday credit card bills closely. Some credit card companies are raising interest rates on good customers even if they pay down their balances, on time, every month. The reason they cite is that the customer's credit rating has fallen elsewhere.

Dear Debt Adviser: I have bad credit with my bank, and I’m making payments on what I owe, but I still have no credit. What credit I have is bad because I am so young, and I have hardly anything in my name. What’s the best way for me to establish credit? -- Blair

Dear Debt Adviser: Twelve years ago, my daughter was offered numerous credit cards, even though she was only an 18-year-old student. Her story is the familiar one of too much credit and no way to pay it all back. ... She has at least one account that was delinquent and closed more than 10 years ago. She has started getting calls from a collection agency asking for payment. In an earlier article, you indicated these debts should no longer be on the credit report. However, are collection agencies still allowed to pursue payment?

Steve Bucci is the author of “Credit Management Kit for Dummies.” Email debtadviser@bankrate.com.

Dear Debt Adviser: I have a debt of $50,000 from balance transfers and credit line accounts. If I were to pay just the minimum due every month (which is what I can afford now) how long will it take to clear including 24 percent interest per year? I really want to clear it fast. — Alicia

It's now common for shoppers to slap down their credit or debit card for something as small as a cup of coffee or a pack of gum. But some are returning to the old way: They're paying cash.

Should your college freshman apply for a credit card? Maybe. If you look on the bright side, getting a credit card can help establish a credit history, assure some security in an emergency, and teach your kids lessons about responsibility and independence. The dark side? A credit card is a quick way to create long-lasting debt.

Arizonans are having a tougher time managing credit card and mortgage debt than consumers in most other states, according to first-quarter data compiled by credit and information management company TransUnion.

WASHINGTON - The Federal Reserve and other regulators initiated steps Friday to end "unfair and deceptive" credit card industry practices assailing consumers who are already struggling to cope in a bad economy.

Bad credit should not be a source of embarrassment, and those with it are far from alone. “The stigma that sort of goes along with bad credit, we don’t feel it should be there,” said Rob Anderson, co-founder of Livingwithbadcredit.com, an education Web site for people with credit problems.