As of Sunday August 14th, a slew of entirely new laws go into affect for the credit card industry. The laws are designed to help bridge the massive gap between the consumer and the credit card company. The new rules and regulations include preventing credit card companies from charging their customers if they don’t use the card. The laws also prevent companies from charging more than $25 for late fees - except for extreme cases. As far as what exactly an extreme case might entail seems as though it is entirely up to the company but what it does help with is clarity as far as fees on late payments or overdraft charges. The new laws state that the fee applied to the customer cannot exceed the charge that caused the fee. So to clarify even further, if you exceed your credit limit by $15, the largest amount you will be paying for a fee is $15. It will also force the companies to reconsider any of the new interest rates established since the first of January, 2009.
Read the article here: http://tinyurl.com/24erm9o
