Posted on
September 23, 2009
at
4:39 am
Would you know the status of that Obama credit card bailout?
Posted on
September 23, 2009
at
4:52 am
Did you mean the Obama Credit Card Bailout Plan also known as the Credit Card Accountability, Responsibility and Disclosure Act,---it is going to be effective, the soonest, February 2010.
Posted on
September 23, 2009
at
4:54 am
That credit card bailout plan tackles the following:Interest rates - If the consumer's payment is 60 days late, the credit card company can increase the rate.Penalty fees - Unless the consumer has asked for an over-limit fee, the creditors can't charge the consumer for it. Banks may not charge late fees if they were also late in crediting a payment.College students - Credit card companies may not market to people under the age of 21, without parental permission, or verification of their ability to pay.
Posted on
September 23, 2009
at
4:57 am
When you say credit card bailout, you don't mean it like a "grant" right? Bailout in this case, through that law, means that the creditors are no longer going to be able to surprise consumers with extra charges and such.Via that act, credit card companies must give the consumers 45 days before they can up the interest rates and the consumer's payment must first be applied to the highest interest rate balance.
