President Obama signed new credit card legislation into law last week. See the full story for all the changes in the new credit card legislation.
Among the changes, the legislation bans unfair rate increases, prevents fee traps, requires plain sight and plain language disclosures, and has many provisions for accountability and protections for students and young people.
Have you been burned by a credit card company? I’ve been dinged when I forget to post my online payment before 5 p.m. Eastern, since I’m in Central time. But I also don’t want to start paying higher annual fees to the credit card companies. What do you think will happen because of this legislation?