Financial Accuracy

A new credit card law with be enacted upon today by banks across the nation as they are required to make changes to their policies and credit card statments. Hopefully, borrowers will become more aware and responsible of their accounts while restricting banks from enforcing questionable charges to accounts.

Starting today, banks will not be allowed to change an interest rate whenever they would like. There will be a one year, or other specified amount of time, period where the interest rate cannot change. After that, if a payment is 60 days late an interest rate can change as long as the bank notifiest the borrower 45 days before the change will take place.

In the past credit card companies have also specifically targeted college students and issued them credit cards without checking the sustainability of their income. Now, cards cannot be given to anyone under the age of 21 unless they have a co-signer or have substantial proof of steady income. Banks are also restricted from handing out gifts near colleges or schooling related activities.

To read more about this new credit card law:

http://www.chicagobreakingbusiness.com/2010/02/credit-card-law-changes-today.htmlref=nofollow