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April 20th, 2010 - Jane Haskin

New credit card laws can help consumers manage debt

knowledge about the terms of use for your credit cards gives you power over your money. Without that knowledge, your money will have power over you.

Jane Haskin
First Bethany Bank

On Feb. 22, several parts of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 went into effect. Congress passed this legislation to give credit card owners more information to manage their card debt and avoid unexpected changes in the interest rates charged on their accounts.

Credit card companies cannot increase the rate on your card for one year after the date it was issued, except in the following cases:

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