Tuesday, May 19, 2009

"We've Taken a 2 by 4 to the Fine Print"

Sen. Claire McCaskill said new legislation cleared by the Senate Tuesday will remove "hidden traps" used by credit card companies to slap on extra fees and penalties.
A 90 to 5 Senate vote sends the legislation to the President, who is expected to sign it in the coming days. It's a bill that supporters say will make the companies spell out terms in fewer words and treat customers more fairly.
"It's a new day for consumers," said McCaskill in a round of satellite interviews with Missouri television stations Thursday. "We've taken a 2 by 4 to the fine print."
In our interview with the Senator, she said prohibiting companies from issuing cards to people under 21 years of age without a co-signer was one of the most important elements of the bill.
"Kids in college are not a great credit risk. It's a terrible time to lure them into a very bad habit of overspending," said McCaskill.
Sen. Kit Bond also supported the legislation.

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