How Do You Lower Your Credit Card Debt By Taking Advantage Of The New Bill Congress Passed?
Obama administration is overhauling the credit card industry, to give better protection for abused customers. If you were feeling the pinch of increasing rates, this is great news for you. Earlier this winter, Fed passed credit card debt regulations that will go into effect in July 2010. Congress has passed new legislation that will go into effect starting Feb 2009. First and foremost, be in the lookout for fine prints of the changes from your credit card company. You can proactively call your company to find out how they are planning to comply with the new legislation and how you can benefit. The law changes prevent rate increases for only existing balances. I.e. credit card companies can still charge whatever they want for new balances that you incur. If you pay your balance within 60 days, you can’t be subjected to further rate increase. If you do go past 60 days, then your credit card company can charge at a higher rate for up to 6 months, at which time they are obligated to lower
