Credit Reform

The credit card reform in some eyes is good and bad news. The good news being, of course, that the consumer must be notified 45 days in advance before their interest rates can go up instead of the 15 that it has been in the past. Also, you should have more notice before your bills are due, which to many is a great relief. There is now an option if you want to drop your card and pay off the balance that you will be able to do so at the old interest rate. Which during these times should help many consumers.

However, many credit card companies raised interest rates an average of 20% since Jan. 2009. It is believed that they did this in expectation of these new regulations. Many people are feeling the pain of these newly increased interest rates and are being vocal about them (and rightfully so).

As the regulations are starting to be put into effect we will see how much of an overall change they will really have. Hopefully a good one :-)

For a little bit more info try this link: http://www.cnn.com/2009/POLITICS/07/18/consumer.agency.fight/index.html?iref=newssearch



*Keeping those affected by 9/11 in our prayers today. Sphere: Related Content