New Law for Credit Cards
There is a new law that is in regard to credit cards and many
people may not be aware of it. The creditor terms on many credit
cards have changed, and for those people who are not keeping
track they might find that they are in a mess that they just
didn’t see coming. With all of the recent changes to credit
cards, you would be best set not to get any credit cards until
March 1st – as the new laws go into place on February 22nd which
will make it confusing for some people as to what they now have.
The new laws say that credit card companies cannot change their
rates for the first year on new accounts, which is a huge deal
for many of these cards. Also, you must be at least 21 to get a
credit card, and anyone under 21 must have a co-signor that is
over 21 years of age. You also have to show the ability to pay
back the debt – which means that credit card companies can no
longer prey on college students and get them into a mess that
they can’t get out of financially.
You might want to consider balance transfers as they will be
offering great credit rates – assuredly better than what you
have been paying. You have to have good credit to get a card,
unlike the old days when anyone could get one. Those with great
credit will still get a better deal than those without.
If you already have a lot of cards you will find that a lot of
the credit card companies are raising their rates – you can get
a debt consolidation to pay off those cards and get yourself
debt free. Then only keep one card on hand for emergencies and
truly don’t use it.
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