Bad Credit Credit Cards – New Credit Card Rules Help Consumers in February 2010
Posted on | February 7, 2010 | No Comments
In February of 2010 we are going to see new rules for credit cards and credit card companies. These rules are set to help consumers as bad credit credit cards have pulled down the overall savings rate of many Americans. Credit card companies will no longer be able to hike your interest rates without you knowing and giving you fair warning.
If you currently hold several bad credit credit cards you know just how difficult it can be to get ahead in the current economic environment. Every time you feel like you are gaining ground you see that your interest rate is increased and you pay much more in interest. Unfortunately, this is happening to many Americans throughout the country.
Pres. Obama realized this and enacted the credit CARD act which will become legislation on February 22, 2010. This act states that credit card companies can no longer hike your interest rate without giving you notice. A notice of 45 days must be given before you will see an increase on the interest rate of your credit card.
Something else that will be very helpful for bad credit credit card holders is the fact that missing payments on other bills is not going to affect your overall credit card interest rate. It used to be the case that if you missed a cell phone bill you would see the interest rate on your credit cards jump. This will no longer happen.
Author: Tiffany Mann
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