Getting Out Of Debt May Get Easier
Recently I had done a post on tips beginners should know about credit cards. In that post I had explained how certain tactics that the credit card companies were using to keep people in debt in order to keep a profit.
In this quick post I want to share a few changes that the federal goverment is making to limit the abuse from these companies. Money Magazine recently reported the changes so I felt I would try and keep you updated.
- First off credit card companies have been know to change interest rates at about any time they want to. With the knew rules to be set in stone in 2010 these companies will only be able to raise rates if you’ve been late for 30 days.
- Second terms are usually so hard to make out that even a lawyer can’t even figure them out. In 2010 statements must include the full terms, fees, and all interest paid.
- Third, terms can change with in a 15 day notice. In 2010 credit card companies must give you a 45 day notice before they can change your interest rate and terms.
- Last, getting ripped off by double cycle billing. If you don’t want to pay interest twice in one month this may be the best tip of all. In 2010 interest will only be calculated on what you owe. However this tip only pertains to certain credit cards. It’s nice to know these kind of money traps are getting changed.
I hope these tips help,
Chris