Wow, Congress just keeps helping by adding more rules. This weekend the remaining new credit card rules took affect. Yesterday, while listening to the radio, I learned from those being interviewed that the consumer finally had the upper hand. Really? Let’s give it some time.
These new rules are going to make many happy. Now, they can no longer charge you a late fee in excess of $25. Great! However, if you are late more than twice in a six month period that amount can be bumped to $35. You better make sure it is there in PLENTY of time to be counted.
There is one change that I like – the Inactivity Fee is dead! No longer can they charge you a fee when you do not use the piece of plastic over an extended time. That is good news. It will be even better when more people begin to see if this rule really works by cutting up, shelving, freezing or just plainly avoids using the card(s).
Here’s hoping these rules, combined with the earlier rules implemented and February 2010 and earlier last year will help Americans get away from debt and living by sound financial principles. I have my doubts.