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