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New credit rules begin Monday

POSTED: Tuesday, February 16, 2010 - 7:41pm
UPDATED: Friday, April 13, 2012 - 9:53am

UNDATED - Strict credit card regulations go into affect next Monday.

The hope is to get relief from those with mounting credit card fees and skyrocketing interest rates.

Under the new law, credit card companies will no longer be able to arbitrarily raise your interest rate.

The only way they will be able to raise your rate on an existing balance is if you are 60 days or more late on your payment.

When it comes to future purchases, the company can still raise your rate whenever they please and by however much they want. However, they will give you at least a 45 day warning before they do.

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