Frederick News Post Editorial New Credit Card Rules

Frederick News Post Editorial New Credit Card Rules

Originally published in the Frederick News–Post December 23, 2008

Federal officials have moved to protect credit card holders from several common practices employed by companies that issue cards. This has been a long time coming and, unfortunately, won't take effect until July 2010. Some also argue that the new rules don't go far enough in protecting cardholders from unfair and costly practices.

Still, the new rules are a big improvement. Perhaps the most important reform involves interest rates. When the new rules become active, card-issuing companies will no longer be allowed to apply interest rate hikes to existing balances. (There will be some exceptions, such as payments that are more than 30 days late.)

Read the entire editorial here: New credit card rules

http://www.fredericknewspost.com/sections/opinion/display_editorial.htm?StoryID=84310

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