If you haven’t yet put you credit cards through the shredder, there is an article you will want to read from the Savvy Consumer Column (Teresa McUsic) of the Fort Worth Star Telegram. Following is an excerpt:
“Some of the credit card changes recently made into law take effect next week.
But consumer advocates and credit card analysts are warning cardholders to be on their toes right now. Your agreement is likely to change, if it hasn’t already. That applies whether you pay off your balance every month, pay faithfully on a balance or are delinquent.
Interest rates on purchases, cash advances and, in some cases, credit defaults are rising, along with various fees in anticipation of the credit card overhaul law, according to a survey released Thursday by San Francisco-based Consumer Action…
Read everything you get from your credit card company, including billing statements and any other notices. Look for changes in your contract…
Between March and June, cards issued by Bank of America and Citigroup led the pack in boosting interest rates on purchases and cash advances. Chase, US Bank and Capitol One cards now carry penalty rates approaching 30 percent. Late fees are up 9 percent, to an average of $28.19, topping out at $39…
You will have time to opt out of the agreement and not accept the new terms.”
On the upside, these new laws require that consumers under age 21 must obtain a co-signer or proof that the applicant can make payments.
To read the full article, click here.
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