On Tuesday, May 19^th, the Senate voted 90-5 to forbid credit card companies from arbitrarily raising interest rates and charging many of the exorbitant fees that have become customary (http://news.yahoo.com/s/ap/20090519/ap_on_bi_ge/us_congress_credit_cards/print).

 

If enacted into law as expected, the credit card industry would have nine months to adapt to new requirements, including the posting of credit card agreements on the Internet and the ability to allow customers to pay bills online or by phone at no charge. The Senate bill would also go further in restricting the types of bank fees and who qualifies for a card. For instance, those individuals under 21 seeking a credit card would first need to prove that they can repay the money or that a parent or guardian is willing to pay off their debt in case of default.