What Can You Expect from the New Credit Card Rules?

Rate hikes, fees, Double-cycle billing .... are just a few of the credit-card practices that have trapped millions of consumers into a life of constant worry over mounting debt.

Beginning Monday, Feb. 22nd, the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) will take effect. New rules will be put forth for credit-card issuers in order to protect consumers more than ever before in history.

New Credit Card Laws

A news article on Forbes.com highlighted some new laws that could make it difficult for people under the age of 21 to get a credit card in their own names. The rules would require a cosigner for those who can’t prove that they have their own means of repaying debt. It would also prohibit companies from sending out the pre-approved credit card offers to people under 21.