New Laws for Credit Cards go into effect Today (2/22/2010)
Implementation of new credit card rules mandated by Congress becomes effective today (2/22/10) 9 months after President Obama signed legislation on 5/22/09. Credit card issuers now have to send bills at least 21 days before the cardholder’s due date and they must also provide at least 45 days notice before changing any significant terms on a card (source: White House).
This can only be described as good news. Those who have been with me for a while know that I am not one to say that the credit card companies are all bad. I have had many couples come to me telling me that the credit card companies are the bad guys because they are trying to collect on moneys owed. However, they were not the bad guys when they decided to lend the money. I am usually all for paying back money borrowed in full whenever possible. After all, when the money is not paid back, those of us to do pay our bills are the ones who ultimately get to pay. The bank certainly can’t afford to lend at a loss.
With that said, I am tired of credit card companies making a contract, and then giving insufficient notice to borrowers that they will be hiking the interest rates, or all of a sudden dropping credit limits so that a borrower unwittingly incurs over balance charges, etc. Several of the credit card companies have been particularly unscrupulous lately to the good borrowers. Memo to the banking industry: If you would like to be treated fairly, start with yourself!
While I don’t like the new laws in their entirety, this one has mostly got it right. Here’s hoping that the law actually works as intended.
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