Thanks to the economic downturn and a general inability for the average person to take care of their own debts, new credit card rules have been put into place as of Monday this week. If you’re curious as to how the new rules will change things on your statement, affect your interest rate, and generally change how credit card companies do business (and they will), then I encourage you to check out this great LA Times write-up of credit card regulations, then and now.
Unfortunately, you still can’t buy crack cocaine with your credit card, but things are going to change to the user’s benefit. For example, you now have a 45-day warning before your interest rate will change. There’s a new cap on fees and charges that can accumulate, due dates and mailing dates will remain consistent, and now credit card companies can’t market themselves to anyone under age 21, thereby eliminating the college debt-hog from the market.
Don’t worry for the credit companies; they still have big spenders like Nicolas Cage to keep them afloat.
Tags: credit cards, credit card rules, credit changes, credit card rules changes, credit card regulations, new credit card laws, banking rules and regulations, credit rules