Senate votes to limit credit card rate changes [View All]

[Old Coot]

Source: Associated Press

WASHINGTON – The Senate voted on Tuesday to prohibit credit card companies from arbitrarily raising a person's interest rate and charging many of the exorbitant fees that have become customary — and crippling — to cash-strapped consumers.

The overwhelming bipartisan vote of 90-5 was lawmakers' way of telling Americans that they haven't been forgotten amid a recession that has left hundreds of thousands jobless or facing foreclosure.

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.

"We've got too many hard-working families in Massachusetts struggling to keep their heads above water, and the last thing they need is to get whacked with unfair credit card fees," said Sen. John Kerry, D-Mass.



Read more: http://news.yahoo.com/s/ap/us_congress_credit_cards

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The credit card companies have 9 months to continue fleecing the public.