February 22, 2010 – Washington – You can expect numerous changes to your credit card agreement starting today, as new legislation governing credit card rules take effect.
Many of the rules are designed to protect consumers. However, there are still some advantages gained by credit card companies as a result of the new act.
According to StopBuyingCrap.com, some fees have been removed, or at least will become much less likely, thanks to the new credit card act. For example, you now have the option to avoid over-the-limit fees, as you have to specify whether you want transactions to be accepted even when you do not have the funds available.
Late charges should be less frequent as well, since you will now have until 5 p.m. on your bill’s due date to pay on-time, and creditors will be required to send the bill a full 3 weeks before it is due. The flip side of this is that many credit card companies have increased their late fees since presumably fewer consumers will be late on paying their bills.
While the new credit card rules have consumers’ best interests at heart, it is likely that many creditors will find a way around them. Additionally, some of the new rules, which meant to protect consumers, could be a nuisance.
For example, consumers younger than 21 years will have more difficultly getting their first credit card unless their parents cosign, or they can prove that they have steady income. While this theoretically prevents young adults from being taken advantage of, it could also prohibit these consumers from gaining a credit history.
As the new credit card rules take effect, be sure to take note of any fee increases or stricter rules on your existing cards. If you believe that your credit card company is violating your consumer rights and you suspect that other consumers are in a similar boat, you may be entitled to file a credit card class action lawsuit.
The Massachusetts class action attorneys at Phillips & Garcia will fight for your rights in your credit card class action case. We are committed to protecting your best interests and helping you collect the damages you need and deserve to move on with your life. If you have been ripped-off or taken advantage of by a credit card company, contact Phillips & Garcia today to schedule your FREE legal consultation – (877) 892-5620.