Good news to creadit card holders. Government regulators are expected to issue new rules on credit card rates that aim to crack down on unfair and deceptive practices. Among the new guidelines were the prohibition on increasing the interest rates on debts except when the payment is late by at least 30 days. The new rules will compel the banks to apply monthly payments that exceed the required minimum and will prohibit the card issuers from charging late fees unless the credit card holders were given a reasonable length of time to pay (at least 21 days).
That is certainly a wonderful news to credit card holders. However, the new rule will only take effect in the middle of 2010 and this early, the banks are already protesting the new rules.
Posted by Jones on January 11th, 2009 :: Filed under Uncategorized
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