Apr
02

Credit CARD Act 2010 Benefits You

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Law Enforces Credit Card Debt Protection

Hiked interest rates, overspending, and not paying bills on time are causing consumers to go into credit card debt.  It is a national issue affecting millions of families across the nation.  However, there is finally a bit of relief in sight.  The Credit CARD Act passes this month, easing the pain of some of the most common factors striking up credit card debt amongst citizens.

Credit Card Rate Tricks Put to a Halt

The Credit CARD Act protects consumers in ways unknown or unforeseen by credit card users.  For instance, credit card companies used to send the monthly bill a few days before it was due to those whom paid the bill in full every month.  The reason is f the consumer receives the mail a tad late or does not have a chance to return it before the due date, then the credit card company hikes up the interest rate, tacks on late fees, and makes lots of money.  It is a terrible practice, which credit card companies implemented each month.

With the Credit Card Act, credit companies no longer allowed to conduct business in such a manner.   For the new law states, credit card companies must send the bill at least twenty-one to fourteen days prior to the due date of the bill.  This is a huge change in business.  It helps many people from receiving late penalty fees.
If you are in need of financial relief, talk to a small business loans expert today.   A professional will be able to guide you in the right direction ensuring your business is not hit by financial trauma due to debt accrued through business credit cards.

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