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Senate Passes Credit-Card Bill

Measure to rein in rates, fees moves to House; Obama could get it by week's end

By the Associated Press

Posted May 19, 2009 12:54 PM CDT
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(AP) – The Senate voted today to prohibit credit-card companies from arbitrarily raising an individual's interest rate and charging many of the exorbitant fees. The vote was 90-5. With the House on track to endorse the measure by week's end, President Obama could see a bill on his desk by the end of the week. He's expected to sign.

Lenders would have to post their credit card agreements on the Internet and let customers pay their bills online or by phone for free. They'd also have to give consumers a chance to spare themselves from over-the-limit fees and give them 45 days notice and an explanation before interest rates are increased.

Signs for American Express, MasterCard and Visa credit cards are shown at the entrance to a New York coffee shop.
Signs for American Express, MasterCard and Visa credit cards are shown at the entrance to a New York coffee shop.   (AP Photo)
Credit-card signs are posted outside a New York parking garage.
Credit-card signs are posted outside a New York parking garage.   (AP Photo)
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COMMENTS
Showing 3 of 4 comments
TJ
May 20, 2009 5:00 AM CDT
I'm a little upset at all the complainers that now "good" customers are going to have to pay for "bad" customers now that the Credit Card industry cannot play games with their customers. That's all BS. It's more like now the Credit Card companies will need to either take a hit in their profits or stop offering all the rewards they gave to their "good" customers by stealing from their "bad" customers. But don't worry, everyone is watching the credit industry and will remember how they treated their customers even when taxpayers bailed them out. (Take our money now...but you're going to have hard time getting it from us later and convincing us to buy on debt)
TJ
May 20, 2009 4:57 AM CDT
Walmart has already crushed our retail industry. Although I'm all for competition, it's forceful tactics on wholesalers and disgusting employee relations has degraded the industry as a whole. Even forcing some wholesalers to outsource to afford the opportunity to be in Walmart stores. I think giving Walmart even more consumer power would be a bad idea until they clean up their act.
Robert_Dada
May 19, 2009 7:33 AM CDT
They aren't the only ones who profile. Online retailers and large grocers are some of your biggest culprits.

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Senate • credit card • President Obama • credit card reform

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