Cheap Lawyer Grace Periods on Credit Cards in USA.

This section of the new credit card law closes another of the ways that the banks would use to trip people up and protects the rights of Visa, MasterCard, American Express, Discovery and other credit cards issued to US citizens. By changing the date every month they would get a certain number of people that would miss the deadline and would get hit with late payments or ever worse get the penalty rates. One of the earlier sections also addresses this problem.

For many people in the USA this law alone Mr Obama should have won the Nobel peace prize for all of the family disputes that this will curtail.

(Sec. 106) Requires the payment due date to be the same day each month, or the next business day if such date falls on a weekend or holiday.
Revises requirements for the timing of payments and the grace period. Requires each periodic statement of payment due to be mailed no later than 21 days before the payment due date.