Our Branch Manager of our Billings, Montana office, made the evening news last night. I’ve included the full story below as well as a link to the video broadcast. Enjoy!
Posted: Feb 22, 2010 6:01 PM
BILLINGS – The White House estimates Americans pay around $15 billion in penalty fees every year.
But starting Monday new credit card laws are in effect that will help protect consumers.
Under the new law, rules for interest rates being increased have changed and terms must be clearly disclosed before a borrower opens an account.
Branch Manager of Debt Reduction Services in Billings, says while the new credit card rules are good for the consumer overall, credit card companies are still in the business to make money, so thoroughly reading the fine print will be very important from now on.
“With the new regulations in play that prevent them, for instance, on changing interest rates on existing balances or charging a late fee if you pay your payment a day late, they can’t do that anymore. You have to be 60 days late with a payment before you get charged a late fee,” she explains. “They’re going to lose a lot of fees. They are going to find another way in which to recoup that.”
She urges consumers to refrain from using credit cards at all, if possible.