USA Today reports that part of President Obama’s new credit card legislation takes effect today. The new law will provide consumers with more information—for example, credit card companies now have to give 45 days notice before changing fees or interest rates. The rest of the law will take full effect in February 2010.
For more information about the law, check out the full article on USA Today.
It’s important to read the information your credit card companies send to you—check out this segment from our Town Hall last January where KETC’s Ruth Ezell and Jackie Tammenga of ClearPoint Credit Counseling Solutions talk about the importance of reading the “fine print.”