New Credit Card Law Brings Change for Consumers

February 19, 2010

A new law that cracks down on credit card companies takes effect this week.  Issuers will no longer be allowed to retroactively hike your credit card interest rate, which, in turn, makes it easier for you to get out of debt.  Another result will be to make it tougher for college students to get credit cards.  Click here to watch a story from KTVN in Reno on how this will affect how students do business.

The new law is slated to save consumers billions in fees.  Credit card companies are also being forced to adopt better billing practices. You will get your bill at the same time each month and there will be no more midday cutoffs or due dates on weekends and holidays.  And the confusing double-billing cycle has been eliminated.  Click here for 5 things consumers need to know about these new rules.

Also, be aware that after the first year your account is open, a credit-card issuer can raise your interest rate at any time for any reason.  Click here to read more from CNN’s Gerri Willis.