Making You a Winner at Money and Life
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photo credit: TheTruthAbout…
The major changes required by the Credit Card Act of 2009 will kick in on February 22. But just because Congress has tried to stifle the less than stellar side of the credit card industry, don’t think for a moment that banks have been sitting on their heels.
Here’s how the new laws on credit cards of 2010 effect you.
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photo credit: xJasonRogersx
Credit card legislation and new Federal Reserve rules which passed last year are consumer friendly, but don’t expect credit card companies to make things easy for their customers. Some of the changes have already gone into effect, but the majority of the them will take effect on February 22, with more scheduled for this summer. As these deadlines close in, you can expect banks to step up efforts to seize advantages before the rules change. According to Adam Levin, co-founder and chairman of Credit.com, the banks’ philosophy toward their customers is, “It’s not our job to teach you the law; it’s our job to comply with the law.” Stated differently, they will keep the letter of the law while sidestepping the spirit of the law. You can therefore be expecting some mailings which could resemble junk mail and read like gibberish. Watch for such mailings and be sure not to pitch them; ignoring the fine print could cost you money.
According to the Wall Street Journal, these are some things you should be watching for:
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