Your Family

Feb 20, 2010 3:22 AM by Ariel Wesler

Sweeping credit card changes take effect Monday

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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