The CARD Act, which became law last year, was designed to protect the average consumer by limiting the fees and interest rates card issuers could charge while improving term disclosure. The final phase of the CARD act goes into effect this August, but credit card issuers are already geared up to get around the provisions and continue charging increasing credit card fees and high interest to consumers.
As Arizona’s premier bankruptcy relief firm, we here at The Pew Law Center, PLLC are dedicated to revealing tricks the credit card companies play so that you can avoid the financial difficulties that lead to bankruptcy.
What are the new rules of the CARD act?
The highlights of the rules that will be in full effect by August 2010 include:
- Required 21 day grace period to pay for purchases
- 45 days notice for major changes to card terms
- No more automatic fees for exceeding the credit limit
- Interest rates can’t be raised until a payment is 60 days late
- No more inactivity fees
- Excessive late fees are not allowed
- Card issuers cannot charge more than one penalty fee at a time
While these rules sound great, and they are, the card companies are already way ahead of congress and consumers when it comes to finding ways to make money. In the rest of this series we will look at ways they are planning to get around the new law and what you can do to protect yourself.
At The Pew Law Center, PLLC, we believe that your life shouldn’t be defined by debt. We have helped hundreds of people just like you find the relief they deserve from harassing bill collectors, paycheck garnishment, foreclosures proceedings, and – most importantly – the constant worry about money and what to do about your debts.
We are a dedicated debt relief law firm. We help people from Phoenix, Mesa, Gilbert, Queen Creek, Chandler, Scottsdale, Apache Junction, Tempe and throughout Arizona file for bankruptcy or work through tough tax problems every day. We can help stop the debt cycle and give you relief from your overwhelming, burdensome, and crushing debt. Please don’t wait another moment. Call us right away – our attorneys will help get you the fresh start you deserve.