Some new credit card rules went into effect on Monday. Postives of the new rules include a ban on universal default, interest rate increases are restricted for one year after a new card is opened and banks now have to send statements 21 days before the payment is due. A huge negative is that there is no cap on interest rates. Take a look:
Money magazine Amanda Gengler talks about how the new credit card regulations will impact the average consumer. Amanda Gengler says now is the time to be shopping for a new credit card. Take a look:
Credit card statements will now include new information about how quickly you are paying off your card. Some consumers may be shocked by the information that says it will take them 25 to 30 years to pay off their credit card if they only pay the minimum. You can find more information about the new credit card regulations here, here and here.
