New Credit Card Laws for the U.S.A
June 24, 2009 by admin
In an effort to help ease the pain of the credit crunch the U.S government has issued new credit card regulations to try and help the consumer. One such regulation is to give the American credit card holders 21 days from the time they receive the bill to pay the outstanding balance. This will help avoid late fees that are currently given out if the bill is not paid by the date given every month. Another measure given is that payments on the credit card balance will be taken off the most expensive debts to help the consumers with less interest rate repayments.
On the flip side this new regulation could mean the end to the 0% balance transfer offers in the United States as this new law makes it hard for credit card companies to make a substantial profit on this offer. The new credit card regulations are long overdue in America as for years credit card issuers have been conspiring to make more and more profit every year for the shareholders. This is just the tip of the ice burg for new financial regulations in America that are much needed to avoid a repeat of the latest financial crisis. Australia on the other hand has had a heavily regulated finance sector that puts them is good stead to ride out this storm by protecting Australian consumers from the malice practices of their counterparts in the United States.
