Can the Credit Card Holders Gain Advantage From the New Credit Card Rules?
Are you aware of the enforcement of new credit card rules set by the US Federal Reserve? For your information, effective from 22nd February 2010, there will be some major changes on credit card rules. The changes will cause some impacts on both card providers as well as card users. Let’s look into the rules in detailed: • Once the new regulations are enforced, the card providers are required to inform their clients 45 days before they can make any change to the terms of the cards, for instance, increasing of interest rate. At the same time, they must provide option to their clients to cancel their cards before they make the change. If the clients opt to terminate their cards, the card providers can request their clients to pay a higher monthly payment. Although it seems like increasing the burden of the cardholders, in actual fact, it helps to speed up the debt elimination process. • Under the new rules, the format of the monthly bills will be changed. In the near future, detailed info
