Posted on February - 09 - 2010
How the New Credit Card Law Can Help You
The New Credit Card Law was signed by President Barack Obama on May 22, 2009. As a credit card holder, you’ll be glad to know that the major changes can help you cut back your costs and stay away from bad credit.
The first batch of changes already took effect last August 2009 while the rest of the provisions will be effective starting February 22, 2010. In this article, let’s talk about the highlights of the new Credit Card Law and how it can affect you:
Controlled Interest Rate Hike. The increase of interest rate will only be allowed under certain conditions: when a promotional rate expires, when the Index Rate rises, and when the cardholder defaults payment for 60 days or more.
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