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New Credit Card Rules

Monday, 22 February 2010

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New credit card rules went into effect today. The legislation hopes to mitigate confusing credit card practices and help consumers manage their debt. Below you will find a summary of the new credit card rules moving forward:

Bills will be due at the same time each month
Notification of your payment due date must be mailed 21 days prior
Information regarding your account must be in "plain language & in plain sight"
Bills must include how much interest is charged for paying the minimum due
Calculations must be sent showing the pay off date if you only make the minimum payment & how much cardholders must pay to clear the balance in 3 years
Nearly all interest rate hikes are prohibited on outstanding balances
Consumers will be notified 45 days before any interest rate increases
No interest rate increases are allowed in the year following the account's origination
Automatic enrollment in over limit/draft programs are prohibited
Most under age 21 must prove assets and or income equal or greater than the credit limit to be approved for credit or have a co-signer.

Erin

About the author

Erin Nelsen, CFP®

Call 714-827-5794 to make a free consulation with Erin

Erin Nelsen, CFP^®is a fee-only fiducary Financial Advisor that manages portfolios & conducts hourly financial planning for Asset Planning. Erin holds the CERTIFIED FINANCIAL PLANNER ™ & Registered Investment Advisor Representative professional designations. Erin has expertise in various financial planning areas such as investments, taxes, estate divisions, public and private pension options, Social Security, real estate, insurance analysis, recent widow planning, and many other complex financial issues that arise. Erin has been with Asset Planning since April 2007. Erin is thankful to have found her perfect forever firm. Asset Planning holds a high standard of care for both its clients and staff, and everyone is truly valued as family.

An Orange County native, Erin earned her Bachelor of Arts in Business Administration with a concentration in Finance from Cal State Fullerton. Erin completed the Personal Financial Program at CSUF. Erin is an active member of the Orange County Financial Planning Association and has been a volunteer teacher of personal finance to elementary kids through the community outreach program Junior Achievement.

Erin Nelsen is a Fee-Only Financial Advisor and a member of NAPFA, the largest Fee-Only Network Financial Planners. Fee-Only means Erin is only compensated directly by her clients & does not sell products nor accept commissions for the investments she recommends. Erin is proud to have built her career solely on the independent Fee-Only side of the Wealth Management industry. Erin is among an elite group of Financial Advisors held to the Fiduciary Standard. As a Fiduciary, she is required to put a client's interest above her own. Ethical, appropriate, & skilled professional care is our solid promise to all clients.

When Erin is not at the job she loves, she is busy tending to her garden, caring for her family, attending concerts, traveling, floating in her pool, or scouting out new restaurants to try with her husband/college sweetheart of 18 years. Erin's household is blessed with a son, daughter (both in college), two nephews (orphaned), a Sheltie dog, & two royal cats that rule her household.

Asset Planning, Inc Blog

New Credit Card Rules

About the author

Erin Nelsen, CFP®

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