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Friday, February 26, 2010

New Credit Card Rules: What You Need to Know......

The Federal Reserve new credit card rules bring benefits for credit card users. This time is the greatest in recession history for credit card users who want to get out of debt. Some key changes:

  • Credit Card Companies must inform you when they plan to increase your rate or other fees
  • They must tell you how long it will take to pay off your balance
New Rules concerning rates, fees and limits
  • No interest rate increases for the first year
  • Increased rates apply only to new charges
  • Restrictions on over-the-limit transactions
  • Caps on high-fee cards
  • Protections for underage consumers
Changes to Billing and Payment
  • Standard payment dates and times
  • Payments directed to highest interest balances first
  • No two-cycle (double-cycle) billing
To read more in-depth, visit FRB: (Federal Reserve Board) Consumer Info

I believe that these laws are an opportunity for both credit card companies and consumers to take responsibility for the misuse of credit; whether it was out of ignorance or plain carelessness. Now, it is up to each individual to make a plan to get out of debt and stay out. All debt is not bad, so I am certainly not telling you that you should stop using credit cards. What I am telling you is, if you decide to use credit cards, use them wisely. For in my opinion, this is what makes our economy flourish.
Can we recover? I believe. Overnight? No, certainly not. But starting today can take you one step closer to your destiny.

Below is a suggested resource list on consumer info and getting out of debt. Thank you sincerely for reading this post and I wish you the best in all your plans.

Sarah Kim
Sarah's Super Center Blog Spot

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