Preferred Financial Services reviews the newest credit card rules adopted by the Fed....

July 21, 2010 - PRLog -- Andover, Massachusetts June 18th 2010— The Credit Card Reform Act signed into law by President Obama in 2009 had many parts to it that have been slowly implemented over the past year. The most visible changes so far have been with your bill statements which now include a graphic illustrating how long it will take you to pay off the balance in full when only paying the minimum. It also tells customers how much they should pay each month to eliminate the balance in a fairly quick 3 years. On Tuesday some new rules were adopted that were in the bill passed by congress last year.

The new rules will impact how customers will be effected by excessive late payments and other penalty fees. In the past there were no limits on how big of a late fee penalty creditors could charge. This new rule which goes into effect Aug. 22 will limit any penalty to 25$ per month. The rules also ban the charging of a penalty fee in excess of the amount owed. This will eliminate the practice of charging 50$ in penalty fees for a 20$ bill. These rules as well as some others are all meant to eliminate the most aggressive and unfair fees which creditors have been able to charge in the past. Ideally, rules such as this will in the future no longer be under Fed Control. The financial regulation reform bill being debated in congress currently has a provision in it which will create an entirely separate agency of the government devoted to protecting consumers from unfair business practices. This will allow the Fed to focus more on the macroeconomic issues facing the country and less on the day to day finances and issues that Americans are faced with.

Preferred Financial Services is a debt reduction firm certified by the CFC (Center for Financial Certifications) and accredited by U.S.O.B.A. (United States Organizations for Bankruptcy Alternatives). Headquartered in Andover, Massachusetts, Preferred Financial Services has been a leader in the debt reduction industry since 2003. Preferred Financial Services has acquired some of the best experience in the industry over the past 7 years. In 2009 alone Preferred Financial Services reduced over $16.5 million worth of consumer debt for just $6.4 million, for a savings of about 60%- and over 2,900 accounts were settled on behalf of their clients.

For more information, please visit www.pfsdebtrelief.com or follow us on our blog at www.pfsdebtrelief.com/blog/ .

Contact:
Stephan Tavernini
Marketing Coordinator
Certified IAPDA Debt Arbitrator
Preferred Financial Services
stavernini@pfs1.net

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Preferred Financial Services is the leading voice in the debt settlement industry. PFS has worked with hundreds of creditors to help negotiate realistic goals for those drowning credit card debt.