Credit Card Reform Rocks!
Though we might be taking a beating from the economy downturn, we can at least be thankful that in such dismal times, the government can push through such consumer friendly regulation such as this!
Some of the things we can expect:
- No more double cycling (paying interest on retro-active debt)
- At least 21 days of billing period
- Cannot raise rates on existing balances
- Payment applied to the portion with highest interest
The only drawback? It’s only slated to come as of January 2010. We can’t win ‘em all but this is a good start!
Tags: Credit Card Issuers, business credit card, credit rating, Credit, CardInform.com, Credit Cards
