This week, many Americans will notice some significant changes on their credit card statements. In 2009, President Obama signed a credit card bill, the bill dictates how the credit card companies operate and interact with their customers—the primary purpose of the legislation is to protect Americans falling rapidly into debt.
Credit card companies must now notify well in advance before changing your interest rate (45 days) and they are now unable to retroactively increase your interest rate. Credit card holders will have the option to cancel their account before any changes take place. You credit card provider may not change your interest rate for at least a year.
Your credit card statements will now arrive on the same day each month and you will be expected to pay on holidays or weekends. You will have a full three weeks from statement receipt to payment. You statements will read differently too. In attempts to make the information more understandable, the font will be larger. There will also be other information available such as how long it will take for a user to pay off their debt by only making minimum payments or how to get out of debt in as little as three years.
Finally, no one under the age of 21 is able to obtain a credit card. Thus, younger kids will not be able to foolishly fall into debt.
For more information on credit card rates, please visit http://www.ratelines.com
