New Credit Card Laws

According to some estimates there is nearly 7 million credit cards being used in the United States. That can be re-interpreted as 2 credit cards for every people in the United States. The problem is that nearly half of the 7 million credit cards has an outstanding balance. Therefore, many experts consider it a great victory when congress passed the Credit Card Accountability – Responsibility – Disclosure Act. This new credit card laws will limit rate increases, and other fees that many people think are unfair. This new credit card laws will sharply decrease the fees that banks were getting from credit card users. However, you can bet the bank that banks will make-up on that lose income — how? One good example of how banks will make-up for the lose fee income generated by credit card fees is the annual fee. In the past only 20% of credit cards had an annual fee. We will have to see if that number increases. The new credit card laws goes into effect in February 2010. It’s recommended that you shop around for the best credit card carrier. Here is a good place to start with: Best Credit Card With Rewards

For more information you can read 2010 Rules For The Credit Card industry

New Credit Card Laws – 2010

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