Unfair Credit Practices-Is Credit Costing You More Than It's Worth?
By Keisha Hosea- KASIHomes.com, Real Estate Solutions For Real People
(KASI Homes )
Beginning July 1, 2010, U.S. regulators have approved new rules to curb "unfair" credit card practices such as surprise fees and interest rate hikes, but activists and lawmakers said the rules do not go far enough and will not help consumers now. The new rules will prohibit raising the annual percentage rate (APR) on existing balances except under certain circumstances, and give consumers 45 days notice before a rate increase and 21 days to pay. A practice known as universal default, in which card terms are changed based on how the holder performs on other bills, such as utilities or gym memberships will also be prohibited. The new law is great for consumers but the downside is that these protections will not come into effect for another year and a half. So for now consumers who miss a...
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