Debt Solution Blog

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So what’s new, your billing statement will have to list the current month’s interest charges and fees along with the total amount you paid during the year. Now, you’ll be able to see just how much interest charges and fees you pay on your credit card. The new rule puts a time period on billing statements, they must be sent 21 days before payment due date. No interest rate increases on pre-existing balances, only purchases made after the increase goes into effect will be subject to the new interest rate. You can enjoy your interest rate for at least the first year after opening your new account with two exceptions. First, your rate could increase in the first year if the creditor has disclosed a rate increase when you opened the account. Second, if you don’t make the minimum payment within 30 days of the due date you’ll be subject to a penalty rate increase. Rate increases require 45-day advanced notice, even penalty rate increases. The increased time for an advanced notice will give you more time to respond to an interest rate increase. Rules regarding interest rate increases take effect August 20, 2009. So good news you will now be told how much your credit cards cost you. On time and in advance their are more new rules, what you have not seen as of yet. Are the new ways the credit card companies will work around them. One rule is the same Control Your Debt that’s how you Control Your Money.