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Credit Card Bill Passes in the Senate
A consumer “bill of rights” designed to stop credit card companies from imposing onerous interest rate hikes and hidden fees passed a procedural vote in the Senate yesterday (Tuesday), a move that will send it to a joint committee to reconcile differences with the bill that previously passed the House of Representatives. President Barack Obama has promised to sign the legislation into law by the end of May.
The legislation represents a victory for consumers who have long complained about credit card companies levying arbitrary interest rate increases and late charge fees, usually implemented by fine print included in monthly…
20May2009 | Money Morning | 0 comments | Continued
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