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FRIDAY, NOVEMBER 27, 2009
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6

Senate Passes Credit-Card Bill

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

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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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6 comments
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Reader2795
May 19, 09 1:01 PM CDT
Now that a start is made, there should be other investigations into their predatory practices and profiling customer. This industry is to large, powerful, and has only 7 major entities that control it. It is like a monopoly worldwide. More should be done to protect not only US consumers but worldwide consumers. Reply
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IN RESPONSE:
Robert_Dada
May 19, 09 2:33 PM CDT
They aren't the only ones who profile. Online retailers and large grocers are some of your biggest culprits.
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0
TerrifiedCitizen
May 19, 09 2:19 PM CDT
This is the real reason credit cards are clipping their 80's high-roller programs... Reply
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+1
Reader78900361
May 19, 09 7:01 PM CDT
What would benifit consumers the most would be for congress to give Walmart a Bank Charter and permission to issue a clean Walmart Credit Card. Competition from Walmart is what your Visa, American Express, Mastercard and Discover card fear the most and would stop them from raising interest rates and imposing new or higher annual fees. Reply
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IN RESPONSE:
triordan
May 20, 09 11:57 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.
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