On WalletPop, a blog found on AOL’s finance pages, Kimberly Lankford of Kiplingers.com had a very timely blog post about the new credit card law, and how it affects you. The Credit Card Accountability, Responsibility and Disclosure Act of 2009 was signed in May. Some changes will not take effect until February 22, 2010, but some are effective on August 20, 2009.
Credit card statements must be mailed now 21 days before your due date, and companies must notify you 45 days before they can raise your rate. But these rules are also causing creditors to change their policies. Read those disclosure statements that come in the mail. Interest rates, balance transfer offers, and minimum payment levels are all being changed at a rapid pace. If you hold balances on your credit cards, this is a good time to take a hard look at your accounts.
WalletPop is one of many blogs with financial information that you can read online. If you need help finding information from trustworthy sources on the Internet, contact the Reference Department.
Posted by Marianne, Reference Department