The new credit card consumers bill of rights went into effect yesterday. The new legislation will put a stop to some of the more egregious practices perpetrated by the credit card industry—at least, until they can worm their way through the loopholes. (In fact, some banks have already preemptively raised their rates to get around some of these regulations.)
Author Anya Kamenetz (Generation Debt, DIY U: Edupunks, Edupreneurs, and the Coming Transformation of Higher Education) explains what this means for you the consumer on ABC World News with Diane Sawyer.
The new credit card consumers bill of rights, signed into law by President Obama, takes effect today. Its goal is to give consumers more protection against credit card policies.The measure mandates that credit card companies need to give 45 days’ notice before an increase in interest rates. It also puts more restrictions on issuing credit cards to students.