How will the new credit card regulations and Federal Housing Administration (FHA) rules affect you?
A sweeping set of regulations will change the rules of the game for credit cards. For example, you won’t be charged over limit fees unless you agree to that term. Are you aware of the changes that came about on February 22, 2010 as a result of the Credit CARD Act of 2009? Significant changes to the terms of your credit card must be given 45 days prior to the change taking affect. Under current rules, credit card companies only needed to give 15 days notice prior to making certain term changes. Over-limit fees will be prohibited unless you consent to pay for the privilege. Your credit card bill will now be due on the same calendar day every month. This means you can schedule payments each month knowing exactly when your bill needs to be paid. When you open a new account, your interest rate must stay at the opening rate for at least 12 months. Even if a consumer’s rates are raised after 12 months, the increased rate only applies to new purchases – not the balance accrued in the first 12
