New credit card laws take effect- How might it affect you?

By Liz | February 23, 2010

The new credit card laws just went into effect. Highlights include that the statements will now make it more obvious how long it will take you to pay off your credit card balance if you only keep paying minimum payments, keeping fixed rates stable for the first 12 months of an account, giving 45 days notice of changes, applying extra principal payments to higher interest balances first rather than lower interest balances first, and making it more difficult for college students to get into credit card debt unless they have a job enabling them to repay the debt or an adult cosigns on the credit card application.

Here’s a short video that might also interest you about these changes:


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