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Federal regulators adopted new rules dealing with credit cards to help consumers. While the rules won’t go into effect until July 2010, they are actually really helpful and will require the credit card companies to be a little less sneaky and for consumers to be given a little bit more leniency.

The new rules will prohibit payments not be late until the borrower is given a reasonable period of time to pay, playing “too-high” fees for exceeding the credit limit because of a hold on the account, double cycle billing, and making deceptive offers.

The new rules will require lenders to give consumers 45 days notice before changes are made to the terms of a credit account. That includes increasing the interest rate or giving higher rates for penalties.

Jeremy

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