Personal Finance Tip of the Day

Handy Law Answer Book
ISBN: 9781578592173

Didn't the U.S. Congress just pass a new law on credit cards?

  • Yes, it aims to curb abuses in the credit industry.
  • It requires credit card companies to give notice in advance of interest increases.
  • It distributes payments to higher-interest balances first.
  • It allows for consumers to learn when they approach their credit limits.

Yes, Congress passed, and President Barack Obama signed into law, the Credit Card Act of 2009, which is designed to curb abuses in the credit industry and protect consumers. The new law requires credit card companies to give consumers 45 days advance notice about interest rate increases. It also requires consumers to apply payments to the highest-interest rate balances first before applying the payment to a lower-interest rate, balance-interest-free loan.

The new law also requires consumers to "opt-in" in order to be able to make charges that exceed your credit card limit. This change will enable consumers to learn when they are approaching their credit limits.

From The Handy Law Answer Book by David L. Hudson, Jr., JD., (c) 2010 Visible Ink Press(r) Combines practical legal tips with an exhaustive overview of U. S. law to answer to more than 800 legal questions.
< Previous Fact Next Fact >

Dig deeper with these related titles:

Handy Personal Finance The Handy Personal Finance Answer Book
by Paul A Tucci

An up-to-date financial reference book for everyone . . . Combining the most current data with a user-friendly format, this timely... Read More »

ISBN: 9781578593224
Handy Law Answer Book The Handy Law Answer Book
by David L Hudson, Jr.

A legal primer answering hundreds of questions related to the history and practice of law in the United States . . . Combining practical... Read More »

ISBN: 9781578592173
Handy Math 2e The Handy Math Answer Book, Second Edition
by Patricia Barnes-Svarney and Thomas E Svarney

What's the formula for changing intimidation to exhilaration? When it comes to math, it's The Handy Math Answer Book! In an engaging, easy-to-follow,... Read More »

ISBN: 9781578593736