New credit card laws 2010
Economic Market News Today about new credit card laws 2010 in the US.The rules to limit the restrictions of the most terrible kick in the practice of credit card approve US.Congress draft law reforming the Truth in Lending May Act, which only regulates consumer credit. Meet the size of a long wish list for reform. Issuer will not be able to increase interest rates on existing balances for customers paying their bills on time, and they will need to notify customers at least 45 days before the rates go up and most of the change in costs.They were two changes alone will save consumers about $ 10 billion per year, non-profit Pew research firm estimated in a report recently.Nearly 60% of business owners surveyed recently by the National Small Business Association, said they use plastic for their capital needs - and 79% said the terms of their credit cards has grown worse in the last five years.The dividing line between personal and business loans can be murky, especially for a single owner. Many small business cards issued based on the owners personal credit history, not the company. But even in those cases, your business card is not protected under the new rules, said Tom Sclafani, a spokesman for American Express (AXP, Fortune 500).Capital One (COF, Fortune 500) spokesman confirmed that Pam Girardo credit information from business cards is now being reported to credit bureaus. Capital One started doing this to make the credit card business practices in accordance with the reporting practices of small business banking segment, he said.
“We believe the report is complete and accurate the best for consumers, businesses, and the system as a whole,” said Girardo.Heavy business expenses but can hit a customer’s personal credit score.”In response to this, I closed the account and started using my American Express card more often,” said Cheng.Proactive and stay on top of any changes to the terms of your business card account. But if you feel you have been treated unfairly, do not hesitate to report the incident to the regulator for your card issuer, Detweiler advised.
