For the first time, lawmakers will tackle a bill aimed at cracking down on abusive tactics that credit card companies use to trap consumers in a mountain of debt. Their legal action could save credit card holders thousands of dollars.

Nina Sughrue, like many Americans, has a credit card and is carrying a healthy balance. "It's a shame that it's taken a financial meltdown for people to take notice that many of us have been suffering with pretty extreme credit card debt," she said. She has had to dip into her savings to pay off her debt.

The average American credit card holder carries a $7,000 balance. "A lot of people are just making the minimum payment and then it takes forever to pay off those bills," said Michael McCauley of the Consumer Union.

McCauley says the new bill before Congress would stop credit card companies from attracting consumers with low introductory rates and then jacking up the rates once card holders run up a balance. "I had six months at 0% and then it went up to 16%," said credit card holder Rachel Roundsville.

"It's all about tricking you to get you to sign up for your credit card. They give you these great offers then you get them for a couple months then they hit you with these fees," said consumer Jacob Flinck.

The Consumer Union along with nearly two dozen other consumer organizations is backing the proposed new legislation. "Congress is working very hard this week to deal with the mess on wall street and we think consumers deserve protection as well," said McCauley.

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