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Senator Claire McCaskill says the Senate has overwhelmingly passed a bill cracking down on unethical and predatory practices of credit card companies. KSMU’s Jennifer Moore reports.
McCaskill was a key supporter of the bill, which addresses what she calls the “fine print unfairness” in credit card agreements. The bill passed the senate by a 90-5 margin Tuesday.
“Here’s what’s gonna happen: they’re gonna have to be more transparent. They’re gonna have to be more upfront. They’re going to have to explain to people exactly what the rules of the road are. Nothing in this bill says credit card companies can’t make money. They just need to be more upfront about it,” McCaskill said Wednesday morning in a conference call to reporters. The bill places limits on how often credit card companies can raise their interest rates, and it stops the practice of sending credit cards to 18-year-old college freshmen.It also requires credit card companies to give people adequate time to make their payments before applying penalties.
McCaskill says she expects President Obama to sign the bill within days.For KSMU News, I’m Jennifer Moore.
