Tuesday, May 19, 2009
The Senate has voted 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 Barack Obama could see a bill on his desk by the end of the week.
If President Obama signs the bill as expected, the credit card industry in the next year would have to change the way it does business.
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.