Credit Card Act of 2009 Now in Effect!

Well let’s see what is going to happen now that the new credit card law has come into effect. This bill was signed by the new president right after he came into power and of course the chief executive is a Ivy League lawyer himself who had a fair bit of experience working the inner city I sure that a lot of Chicago Pro bono work there dealt with this issue in a place where the egregious behavior of the credit card companies would be easy to see.

The Fox network is making a bid deal out of 3 points of the new law the first is
45 days notice before they can raise your rates, this is good as if you can you pay the card off or way down before they get a chance to really sock it to you.

As I remember from reading the law, you also can cancel the card at that time and it locks the rate that you had in, which would be the way to go I would think for most people. Of course I am sure that the not so cheap lawyers & attorneys that are working for the credit card companies are hard at work looking for ways around this or to bring some sort of legal action that will force you to pay the card off right away it will be very interesting to see how this parlays out.