Monday, February 22, 2010

HR 627 New Credit Card Rules for 2010

White House Oval Office
Today, new credit card rules are effective with favorable changes for the consumer. A link to HR627 (CARD Act) is at the bottom of this post.

You may be asking why this is on a beauty blog? Every now and then I stray off track if I feel something is very funny, different, or impacts most of our readers. Today, I believe the Card Act greatly impacts our readers. Here are a few points of the bill:

  • Card companies are to display the minimum payment amount and what the total interest cost will be to pay off the existing balance in 36 months.
  • Credit card issuers are now required to make their contracts available on the internet.
  • Card holders will now have at least 21 calendar days to pay their bill, and the due dates are to remain the same each month instead of changing from month to month.
  • It will be more difficult for our young college students to obtain credit cards.
  • Interest rates can't be increased as easily as they have been in the past.
We encourage you to read the entire actual Credit Card Accountability, Responsibility, and Disclosure Act (CARD Act of 2009) HR 627 passed by Congress. You can download it and save it to a file, or print out the 33 page document.

I would be interested in your opinion on this new law. You can leave your comment by clicking on the "comment" label directly below this post.

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