Senate Bill Cracks Down on Credit

One way in which the new government is looking out for the little guy: The Associated Press reports that “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 measure passed 90-5, and, with the House on track to endorse the bill later this week, could be on Obama’s desk by Friday. The bill would give the credit card industry nine months to change its ways: “Lenders would have to post their credit card agreements on the Internet and let customers pay their bills online or by phone without an added fee. They'd also have to give consumers a chance to spare themselves from over-the-limit fees and provide 45 days notice and an explanation before interest rates are increased.”