| Credit Card Act 2010 is a new credit law which goes | | | | soon as possible and prevent them from taking more |
| in effect February 22, 2010. It was created with the | | | | credit which they can't really afford. |
| purpose of protecting consumers and making certain | | | | Also, now you don't need to call the credit card |
| things easier for them. | | | | company to find out what their terms or conditions are. |
| In case you accidentally missed a due date, you should | | | | Credit card companies now are required to post the |
| not worry about getting penalized with high interest | | | | complete terms of agreements online. |
| rates. According to the new law, now you have 60 | | | | Credit card Act 2010 is going to greatly influence |
| days to catch up and avoid all penalty interest rates. | | | | young people. If you are younger than 21, getting a |
| Even if you are more than 60 days overdue, you still | | | | credit card will become very difficult. It might seem |
| have a shot of lowering your interest rates. If you pay | | | | inconvenient, but by staying debt-free until you are 21, |
| on time for 6 months on a row, you can get your | | | | you are actually doing yourself a great favor. |
| lower interest rate back. This law doesn't go in effect | | | | This law should not affect those young people who |
| until August 2010 though. | | | | already have credit cards. |
| From now on a box in your card statement is going to | | | | Your credit card company should be notifying you 45 |
| include how much you've paid in interest and fees in | | | | days in advance if they decided to raise their interest |
| the past year, how to access financial counseling and | | | | rates and you should already be getting your |
| what monthly payment will allow you to pay off your | | | | statements 21 days before the payment due date. |
| balance in 36 months. This is a great addition, because | | | | Most regulations go in effect February 22 while some |
| it should motivate people to reduce their bad debt as | | | | of them already took place in 2009. |