- 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
- 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
- Standard payment dates and times
- Payments directed to highest interest balances first
- No two-cycle (double-cycle) billing
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's Super Center Blog Spot