What the new credit card law means to consumers – Politics AP – MiamiHerald.com

What the new credit card law means to consumers

BY DAVID LIGHTMAN

MCCLATCHY NEWSPAPERS

WASHINGTON — The Senate passed legislation Tuesday to protect credit card holders from sudden interest-rate spikes, but consumer groups and card issuers warned that people are still likely to face obstacles in getting and maintaining credit.

The Senate vote was 90-5. The House of Representatives is expected to approve the bill overwhelmingly, probably Wednesday, and it then will go to President Barack Obama, who’s pushed hard for the legislation.

The new law would protect consumers from sudden increases in interest rates, but companies are saying that they’ll be more selective in issuing cards.

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