New Obama Credit Card Laws – Government Forcing Credit Card Companies to Help Customers

Posted on | February 22, 2010 | No Comments

The new Obama credit card laws are designed to greatly help the consumer.  The government is taking action and is forcing credit card companies to help customers as much as possible.  When you receive a credit card bill in the near future you are going to find a great amount of information that should help you get out of debt much quicker.  This is exactly what some borrowers need as they take the steps to becoming debt free.


President Obama has been on the side of the credit card customer for quite some time and now he and the government are taking action.  Credit card companies are going to have to give customers a 45 day notice if they plan to increase the interest rate on that particular credit card.  This will allow customer to adjust accordingly and hopefully pay the credit card off before the interest rate shoots up.

It will also be the case that credit card companies can no longer adjust your interest rate for something that did not happen directly related to that credit card.  If you missed a cell phone bill you will not see an increase in the interest rate on your credit card.  This could save many customers hundreds and possibly even thousands of dollars a year in interest

Author: Jeremy North

Comments