Monday, August 23, 2010

Final Credit Card Phase in Effect

If you didn't know the final phase of the Credit Card Act of 2009 went into effect yesterday. The act is a federal law passed by the United States Congress and signed by President Barack Obama on May 22, 2009. The goal of the act was aimed at limiting how credit card companies can charge consumers but did not include interest rate caps.

I'm sure you notice early this year changes in the format of you credit card bill, it now will show you the pay off in years based on minimum payments and some payment above the minimum, the years it would take and the amount of interest you would save.

Here's a link with the information of all they changes that when into effect earlier this year:

Credit Card Rules

Yesterday changes focused on late fees, inactively fees, and explanation on why the credit card companies changes your interest rates. All of the information for yesterday changes can be found here:

Credit Card Rules 2

So with all of these new rules in place. How has your use of credit card changed?

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