Credit card protection ?
As a Realtor I feel like it is my duty to help people stay in the right financial track. I would never want any of my clients to deal with major financial tragedy. If I can help with tips tools and advice and save someone from a major loss it would be a great personal triumph. Some people think my job is to just help someone buy a home. I take is far more seriously than that. As I find tips hints and warning I like to pass them on.
Here are 5 new protections for your credit card
1.No unfair interest hikes
Your interest rate cannot be raised unless your 60 days late
Your interest rate cannot be raised for having other late bills
2.Clear Rules of the Road
Due date and penalties need to be displayed prominently
How long it will take to pay the debt off must be displayed
45 days notice for term changes
3.Fair payment practices
Bills must be mailed 21 days PRIOR to the due date
Extra payments are to be put against the highest rate on the bill
4.New limits on fees
No more fees to pay online ,telephone or electronic transfer
determine if you want over draft protection fees or get card declined
5.Protection for Young adults
If your under 21 you must have a parent sign for the card to prove you can repay
No more free gifts to apply or a credit card on campus
I think this is a great start. We are teaching our daughter to NOT use CREDIT she will not go in debt and will not spend beyond her means. We have no debt no car payment no credit cards. Its a wonderful free feeling to no have the burden of debt on your shoulders. Want more information how to do that listen to Dave Ramsey Financial Peace University. It could change your life !