Bill wouldn't allow companies to raise rates
WASHINGTON (AP) -- The Senate has cleared the way for a final vote on prohibiting credit card companies from arbitrarily raising an individual's interest rate and charging many of the exorbitant fees.
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 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.
(Copyright ©2009 by The Associated Press. All Rights Reserved.)
