Credit Card Bill Protections Starts Today

If you can remember, President Obama introduced the Credit Card Accountability, Responsibility and Disclosure Act of 2009 as one of his first items to help the economy. Today, the credit card goes into effect. The credit card is designed to help credit card holders understand the ins and outs about their credit cards, which includes policies, late fees, clear billing and many other credit card related issues.

Credit Card Bill of Rights Overview

• Credit card applications must be clear, readable, and easier to understand
• Credit card bills must be clear, readable, and easier to understand
• credit card companies are prohibited from moving your due date around month to month
• credit card companies have to give more than 7 day in the billing cycle
• Some rate increases will be prohibited

Credit Card Bill Kicks In Today

Last year, credit card companies reported over 15 billion dollars in fees. This revenue was not generated by purchases you made, but by late fees and other fees associated with your credit card. The credit card will limited some of this revenue source to credit card companies. How do you think they will make it up?

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