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 !

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