New Credit Card Laws

The new credit card law is finally here. Starting Monday, the banks have to follow the new rules on the terms and information. The idea behind the landmark law was to banks by using practices that often prevent borrowers to dig deeper into debt.

The sentence can not be raised in the first year after an account is opened, provided an introductory rate has come to an end. It requires cardholders notified 45 days in advance of any changes in interest rates.

For existing funds can not increase prices if the account for at least 60 days past due. If payments are made on time for six consecutive made