The only side effect I've ever heard people complain about with Questran (that's the name brand name) is gas.
All of the drugs in that family--Questran, Welchol, Colestid--are NOT absorbed by the body; they stay exclusively in the digestive tract. I can't imagine why it would cause swelling.
One side effect they do all have is that they interfere with the absorption of fat-soulable vitamins. Bile is needed to break down fat, which allows you to get the fat soluable vitamins. All three drugs bind up bile and keep it from working as effecitvely. Which is good in people like you and me, who have too much bile, but it still can cause problems, when taken long term, with fat-soluable vitmain absorption (not with any other types of vitamins, though). You may want to do as I do, which is take a general multi-vitamin.
And you should probably see a doctor about the swollen hands, as that sounds like a symptom of something else. People retain fluid for many reasons, and the hands are a common place for that to show up. Make sure you are getting at least 8 glasses of water a day, because sometimes not drinking enough water can cause you to retain fluid. Also, when you go to see the doctor, take along a copy of your diet, because there might be something in it that's contributing to the fluid retention.