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Home > Blogs > Here's the Deal > Archives > 2008 > December > 18 > Entry
New credit card rules protect consumers
The Consumers Union today, Dec. 18, adopted new credit card rules to help safeguard consumers from abusive lending practices that can result in excessive fees and interest rate charges.
The rules were developed in conjunction with the Federal Reserve Board and National Credit Union Administration, which are expected to adopt the same regulations later today.
The new regulations will go into effect in July 1, 2010.
“Millions of families have been stung by unfair credit card practices that trap them in debt and make it harder to make ends meet,” said Gail Hillebrand, Consumers Union Financial Services Campaign Manager. “When these rules finally go into effect, they will help protect consumers from being gouged by credit card companies and make it easier for families to manage their finances during these tough economic times.”
Permalink | Comments (1) | Post your comment | Categories: Consumer interest
Comments
By Stein
December 21, 2008 8:56 AM | Link to this
That’s great news, and it’s way overdue. However, why wait until July 2010 for it to take effect - why not January 2009? Or even July 2009? Consumers need help now. Credit card practices of today are downright criminal (made possible by our easily bought politicians), so it’s certainly good to see bad policies being reversed. This will help a lot of people.