Major Credit Card Changes Go Into Effect Today
The majority of credit card regulations President Obama signed into legislation last May go into effect today, helping to protect consumers from unexpected changes to their accounts.
Under the new regulations, credit card companies can no longer raise interest rates on existing balances, charge "overdraft" fees for exceeding credit limits, and they must give a minimum of 45 days notice before changing any existing interest rates or fee structures.
These are only a few of the measures put into place to further protect consumers from credit card companies, measures that will hopefully prevent thousands of Americans from plunging deeper into debt.
President Obama spoke today about the "deceptive, unfair tactics" used by predatory credit card companies, saying the new legislation will "finally level the playing field so that every family and small business using a credit card has the information they need to make responsible financial decisions."
In addition to the major changes above, Obama also listed "new protections for underage consumers, restrictions on double billing, and caps on high-fee cards" among the new laws.