A long overdue bill regarding credit card fees was passed on Tuesday by the Senate and is expected to be signed by President Obama.
Here are some of the bill's key provisions:
- Starting in 2010 charging consumers who pay by phone would be banned.
- Sudden surges in interest rates would also be banned.
- For consumers, it would clarify the cost of big ticket items by forcing consumers to recognize how much they are paying in interest.
- Card companies would also have to provide information on consumer counseling and debt management.
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