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Originally Posted by timmgirvan
......and you think the Emperor is wearing clothes!  |
He was very well-dressed for this one - thanks, Obama! First provisions of Obama's consumer credit card protection act passed in May go into effect:
- Starting this week, card issuers need to give you more time to pay your bills. Now, instead of mailing bills 14 days before the due date, issuers must send bills 21 days in advance of the payment date. That will mean fewer people will get hit with late fees because of postal delays.
- Another provision going into effect this week requires card issuers to give you 45 days' notice when they plan to raise your rate, instead of the current 15-day advance notice.
- Starting in February, if there's an interest rate hike, it cannot be applied to existing balances. And if you carry a balance that has a variety of interest rates, when you make a payment it must be credited to the portion of the balance with the highest annual percentage rate.
And there's much, much more that will make credit cards less usurious:
http://www.suntimes.com/business/sav....savagearticle