Obama Credit Card Reform – Credit CARD Act Law Signed in February 2010
Posted on | March 9, 2010 | No Comments
February of 2010 brought a new Credit CARD Act and new rules for credit card companies. While many changes are taking place they are all to protect the consumer, and help relieve their debt. Consumers can expect to start seeing changes on their next billing statements.
On March statements card holders should begin to notice more information contained on their statements. The new information will include the current balance and interest rate as well how long it will take the card holder to pay off the card if they choose to make the minimum payment. These new statements will put the amount of debt the card holder has into prospective.
Another part of the Act that will help protect consumers is that credit card companies will no longer be able to increase interest rates within the first year unless there is a special circumstance and the card holder is notified. Additionally credit card companies can no longer shift billing cycles which will eliminate possible late or missed payments.
The new Act that took effect in February will protect consumers and hopefully help relieve their debt as well as the overall credit card debt of America. The new changes are all for the better and should begin to improve the way the system works.
Author: Sylvia Wayne
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