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New New Credit Card Rules Effective August 22nd

June 16, 2010 by · Leave a Comment 

Are you still confused by the Credit Card Accountability Responsibility and Disclosure Act of 2009? Who isn’t it?

As a Certified Mortgage Planner in Chesterton Indiana, I am often asked during the mortgage planning process the question of who is protected under the new credit card rules and when does it become effective.

The answer to who is simple. It includes anyone with a credit card. The answer to when is a little more complicated as the legislation has been rolled out in phases.

The most recent update to the final rule was released by the Federal Reserve Board yesterday, June 15, 2010.

In their press release, they announced several new rules that will become effective August 22, 2010. Here is a brief overview of the new credit card rules:

  • Reasonable Penalty Fees – $25/$35 Cap on Late Fees
  • Additional Fee Protections – No Inactivity Fees and One-Fee Limit
  • Explanation of Rate Increase – Must Tell You Why for Increase
  • Re-evaluation of Recent Rate Increases Every 6 Months

In case you missed the credti card rules that were announced in the fall of 2009, here is a recap of the credit card rules that became effective February 22, 2010. If you have any questions, just ask in the comment section.

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James K Barath, CMPS®

James K Barath is a Certified Mortgage Planning Specialist®, Certified FICO® Professional, Certified Military Housing Specialist® and your FHA Home Loan Expert. He is also a graduate of Purdue University, The CMPS Institute, Dale Carnegie Human Relations Course & Napoleon Hill Foundation's PMA Science of Success Class. It's your home and your future. It's his profession and his passion. He is ready to work for your best interest. Contact James for your FREE Home Loan Approval !  His Motto: I Facilitate the American Dream Through Responsible Mortgage Lending and Financial Literacy!

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