new credit card rules
(NECN) - NECN Morning Money Monday show segment is all about the new credit card rules and regulations that go into effect on Monday.
How do they affect you and people at large?
Joining Karen Swensen is Barry Armstrong.
Barry is the host of Money Matters on WBIX, and financial advisor for Securities America.
The new rules are supposed to end some of the most deceptive tactics and outlaw unfair fees and huge interest rate hikes
Credit card companies will no longer be allowed to increase rates on existing balances unless you're 60 days overdue.
They must give you 45 days notice if they're going to institute an annual fee or raise your interest rate.
Also, if you're under 21, getting a credit card will get much tougher.
Despite these new rules the credit card companies are finding new ways to make money.
Some of you may see new annual fees, inactivity fees and increased late fees.
How do they affect you and people at large?
Joining Karen Swensen is Barry Armstrong.
Barry is the host of Money Matters on WBIX, and financial advisor for Securities America.
The new rules are supposed to end some of the most deceptive tactics and outlaw unfair fees and huge interest rate hikes
Credit card companies will no longer be allowed to increase rates on existing balances unless you're 60 days overdue.
They must give you 45 days notice if they're going to institute an annual fee or raise your interest rate.
Also, if you're under 21, getting a credit card will get much tougher.
Despite these new rules the credit card companies are finding new ways to make money.
Some of you may see new annual fees, inactivity fees and increased late fees.
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