The “Credit Cardholders’ Bill of Rights” and You May 21, 2009
Posted by Jordan Chin in : Off Beat , trackbackJust yesterday Obama signed into law what has been dubbed as the “Credit Cardholders’ Bill of Rights”. This law in effect claims to “restrict credit card practices and eliminate sudden increases in interest rates and late fees that have entangled millions of consumers.” So what exactly does this mean for financial savvy consumers like you? MSN and CreditCards.com investigates…
* Limited interest rate hikes
* More time to pay monthly bills
* Highest interest balances paid first
* Limits on over-limit fees
* No more double-cycle billing and lower subprime fees
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