How Do the New Credit Card Rules Affect Millions of Individuals and Businesses

In an effort to protect consumers from unfair credit card company policies Congress passed the Credit Card Accountability, Responsibility, and Disclosure Act last May. The regulations in the bill are set to be gradually phased into practice and the first parts of the bill officially Account Consultant Job Description went into effect in August. The aims of the bill were to address concerns and complaints from card holders over murky and often deceptive credit card company practices. However, most of the card companies have cleverly altered their practices in order to deal with the new rules.
First New Rule: Earlier Bills
One of the new rule centers on consumers receiving their bills earlier. Card holders now must receive their monthly bill from the card company 21 days before their payment is due, rather the 14 days before, which was the previous rule. This is designed to give the consumer more time to pay off their balance so they can avoid paying late. Late payments allow the credit card company to charge the consumer hefty, hefty fees. Late payments can not only be added to your balance and raise the rate on your card, but they can also lower your credit score, thus hindering your ability to get credit for essential loans in the future.
The problem with this rule is that credit card companies are not looking out for your best interest and they have changed their policies to ensure their profits are not compromised. In response to this new rule many credit card companies have preemptively increased the fees to consumers for paying late. So credit card holders cannot look at Congress’s measures as an assurance against late fees. It is even more important now for consumers to make sure that they pay their credit card bills on time. The bottom line for card holders is- do not procrastinate because you will pay for it even more now!
Second New Rule: More Notice before Interest Rate Increases
Another of the new rules is meant to give card holders more notice before they receive a higher interest rate from the card company. Credit card companies are now required to provide their customers with 45 days notice before they increase interest rates or significantly alter the card’s terms. This measure prevents card companies from rapidly raising interest rates behind the backs of its customers. This extra notice will allow card holders the time to opt out of their contract and look for a better interest rate.
But again, the card companies, in an attempt to protect revenues, have adapted to this new policy. Many card companies decided to increase their rates even before the bill came into existence. Thus, because of this law nearly everyone will have to pay more for their credit cards. The best response for consumers is to seek to consolidate as much of their balances on their card or cards with the lowest interest rates.
There are several other rules already in place in addition to others that will not come into existence until early next year. The takeaway for card holders Small Business Consulting Services is that even though these new rules were put in place to protect consumers, the credit card companies have adjusted their tactics and you should too.

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