An eastern Carolina non-profit that provides credit for consumers without all the crazy gimmicks says is likes the new credit card changes.
Among other things, the credit card laws shields card users from sudden hikes, excessive fees and other tricks companies have used to drive up profits. Your statement will now show exactly how much the card costs to use, and how long it will take to pay off the balance. Also, those under 21 will no longer be able to sign up for a credit card unless they can prove they can pay for it or have a co-signer.
Self Help, a non-profit in Greenville that provides credit for consumers says these changes are what they have been waiting for. Adelcio Lugo
is Self Help's director. "I feel that it is a right step forward to control some of the credit card issuers, banks, and other institutions that are taking advantage of consumers."
The law does still allow banks to create new fees and raise old ones, and permits some interest rate hikes with ample notification.