Congress just passed comprehensive bipartisan legislation that will end the tricks that trap consumers in high cost credit card debt.
The credit card legislation will create the following consumer protections:
- Moves up the Fed’s effective date
- Restricts all interest rate increases during the first year
- Restricts interest rate increases on existing balances
- Increases notice for rate increase on future purchases
- Preserves the ability to pay off on the old terms
- Places limits on fees and penalty interest
- Requires fair application of payments
- Provides sensible due dates and time to pay
- Protects young consumers
- Restricts issuance fees on fee harvester cards
- Requires enhanced disclosures
- Establishes gift card protections
Click here to read a summary of the Credit Card Legislation.
Mathew Gauvin Winner of thel Consumers Union Dangers of Debt Cartoon Contest!
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