Just released from the FDIC page are some insights on what to expect from the new credit card rules just put in place.
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FDIC Offers Money-Saving Tips in the New World of Credit Cards
FOR IMMEDIATE RELEASE May 25, 2010
A new credit card law helps protect consumers from most instances of sudden increases in interest rates and other unfavorable changes in terms, but there are still potential pitfalls. The Spring 2010 issue of FDIC Consumer News, published by the Federal Deposit Insurance Corporation, offers eight ways to avoid problems including increases in rates and fees and reductions in credit limits. Other timely articles discuss questions to ask before depositing money through an “agent” or broker instead of directly with a bank, and understanding the risks and costs of a reverse mortgage.
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Here are examples of the tips and information in the latest newsletter:
New Realities, New Directions for Credit Cardholders: The credit card law passed last year enhanced required disclosures and limited the ability of card issuers to change terms and interest rates on existing balances, but consumers still face account changes. To make the most of their legal protections and take advantage of the competitive marketplace, consumers need to be proactive. Among the suggestions from the FDIC:
- Read all the notices that come from card issuers, even what appears to be junk mail. These notices may contain important information about upcoming rate or fee increases and consumers’ rights.
- Shop around for a better offer if the current interest rates or fees seem too high.
- Pay all credit-related bills by the due date – including those for credit cards, car loans and home loans – to show responsible money management. Doing so can reduce the risk that a card’s credit limit will be cut or its interest rate increased.
Read more here: http://www.fdic.gov/
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