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Sweeping credit card changes take effect Monday
Posted: Feb 20, 2010 12:22 AM by Ariel Wesler
Updated: Feb 20, 2010 12:22 AM
New credit card laws will take effect Monday designed to help consumers from getting into deeper debt. Card issuers can only increase interest rates for a limited number of reasons and must give at least 45 days notice. Young people must be at least 21-years-old to get a credit card or must have an adult to co-sign if they want their own credit card.
Consumer advocates favor the sweeping changes but creditors say it will limit the availability of credit cards at a time when the country needs to spend more to stimulate the economy.
We'll have details on what the changes mean for you. . .tonight on KSBY News at 6.
For more information, click here.
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