POSTED: Wednesday, May 20, 2009 - 8:48am
UPDATED: Thursday, February 25, 2010 - 12:33pm
The credit card industry may soon have to change the way they do business.
The Senate passed a measure on Tuesday prohibiting credit card companies from raising customers interest rates and charging customers excessive fees. Under the bill, lenders would also have to post their credit card agreements on the internet and let customers pay their bills online or by phone for free.
The measure still needs to be approved by the House of Representatives and they will vote on the bill on Wednesday.