by First Rate Debt Solutions
20. August 2009 13:26
Starting today, there are some changes in the way credit card issuers will be doing business. These are just the beginning of some of the changes that are going into effect as part of a law signed in May by President Obama.
Under the new law, credit card companies must give you 21 days to pay your bills and a full 45 days of advance notice if they change any of the terms to your card agreement. Currently the law allows for only 14 days to pay your bill and 15-day notice period.
Most credit card companies have been preparing for this change for months and if our experience is anything to go by, consumers are not happy. Many card issuers are instituting annual fees, increasing minimum payment amounts, jacking interest rates and late fees. All of this is being disclosed on time but the bottom line is that it’s costing the consumer a lot more to use their cards. All in a time when money is already tight.
And don’t think if you’re a “good customer” you’re immune to these hikes because they appear to be hitting almost everyone regardless of their payment history and FICO score. The credit card companies are in the money making business and they are protecting themselves first…all at our expense.
If you are seeing changes to your credit cards and you don’t like them, take charge of your situation now. Don’t wait until you get yourself into trouble.
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