Forums
The new laws on credit cards begins soon. I was listening to a report and one of the new rules that will be taking effect is regarding credit cards to our younger generation.
Now they can not receive a card unless 21, have a co-signer or can prove they can afford it. I must say this is one of the changes that I like best. Having a teenager I always worry about this as one is just now on his own and another soon on the way.
Starting out in life is rough enough without getting buried in debt. Is there any other changes that anyone likes?
Yes, I like that they can not just drop a letter on you that your intrest rate will be through the roof, they can not raise it with out ample time given. I think that this will give people time to get the bill paid off before the huge increase in rates.
I know this part really irritated the credit card companies off, but this was the one part that was really unfair to the consumer, especially the for the customers that have been with them for a long period of time.
new laws on credit cards
Hi,
Other than what fireyone and goodnatured mentioned, I think changing the bankruptcy law in relation to credit cards is needed. This change is needed, so that students do not have to face harassment, while wanting to discharge the college loans under bankruptcy.
That the card rates cannot be increased, in the very first year of the agreement, is one of the best changes done on the credit card law. :)
Thanks for all the replies. Here is another part of this new law that I like...did you know that if you got behind your payments for a few months (has to be a few months not just one) the company can raise your credit card interest rate BUT after continually making payments on time they must return your interest rate to what it was before they raised it. I think this will really help the people out there that get sick or have something bad happen. Sometimes matters out of a persons control can cause such hardships. This should help.