Senate passes Credit CARD Act to Curb Abusive Credit Card Practices

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The Credit CARD Act just passed in the Senate on a 90-5 vote.  It is expected that the  House will revisit the bill as early as tomorrow. 
The Senate passed legislation Tuesday designed to protect consumers from arbitrary increases in credit card interest rates and fees, moving a big step closer to meeting President Obama's Memorial Day target for the enactment of the legislation.

Here is an article that just came out in the Congressional Quarterly detailing the vote and the Senate's legislation -  Senate Passes Bill Tightening Credit Card Regulations.

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Credit companies shouldn't be allowed to charge more than a reasonalble amount of interest. My credit union and small banks will have my business now. The gigantic credit card companies who have had it there way for so long should be ashamed of themselves. We gave them help when they needed it and where are they when we need them to work with us? If our elected officials don't put them in their place then shame on them to.

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