Posted on
June 26, 2009
at
3:14 am
It's the Obama credit card bill that was signed into law this month but would be effective in 9 months time. It prohibits the credit card companies from just raising interest rates on existing card balances. The creditors are also to give their clients at least 45 days, advance notice, in order to change the terms and conditions of the existing cards.
Posted on
June 26, 2009
at
3:25 am
Under that new law credit card companies will have to wait for the consumer's payment to be 60 days late before they raise interest rates on balances, also the payments must first be applied to accounts with higher interest rates, and not to pay off the interests. The creditors also cannot charge over-the-limit fees unless consumers asked for extra credit.
Posted on
June 26, 2009
at
3:42 am
It also prohibits credit card companies from marketing to 21 years old and below consumers. The law is effective July 2010 or February 2010...
Posted on
August 14, 2009
at
5:03 am
Credit card reduction laws..Are there really credit card reduction laws? As in government mandated laws against carrying multiple credit cards? Or is that another misnomer? But wouldn't it be cool if the government can get pass the conspiracy theorists and pass a law that can dictate just how many credit cards a consumer can carry?
Posted on
August 14, 2009
at
5:08 am
That's not gonna fly peterpanamerican, even if the idea is noble, even if clearly, many Americans can't control their credit card charges/bills, laws that touch upon the privacy and the freedom of choice of the people are always going to face mass opposition.And there might not be credit card reduction laws...there are, however, credit card reduction programs-- otherwise known as debt settlement.
Posted on
September 11, 2009
at
2:19 am
while waiting for these laws to take effect what can i do in the meantime?
Posted on
September 11, 2009
at
2:51 am
You may try to consolidate your debt. The best debt relief means depends on your current debt situation. You may also fill out a form on the main website, which is http://destroydebt.com, and you'll be matched with a qualified provider from there.
Posted on
September 14, 2009
at
2:35 am
Could you tell us more about your situation NicaLara?
Posted on
September 14, 2009
at
3:14 am
I have around $20k in unsecured debt and most of the debts have fallen behind on payment. It's a depressing situation actually and I really want to be able to do something about it so i can be free of debt
