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New Credit Reform Bill passed

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Joined: 05 Mar 2009
DEVID85's page
Posts: 23

86 Magic Points

Subject: New Credit Reform Bill passed
Posted on Mon May 25, 2009 6:38 am  

Here is a good news for the credit lenders. Obama government has passed 'Credit reform bill' which slaps the credit companies for their abusive practices, mentioning that banks should also behave responsibly when they expect lenders to behave responsibly.
It has mentioned that there are many responsible credit lenders that are stil paying even more than 20% interest rates! This is keeping them engaged in repaying the loans thus are the victims.
I hope the enders on this community who are taking sincere efforts to improve credit will have a sigh of relaxation (at least someone is hearing of me!) on heavy interest rates!

Joined: 11 May 2009
rachael's page
Posts: 233

6576 Magic Points

Posted on Mon May 25, 2009 8:05 am  


The "Credit Reform Bill" has indeed protected the rights of consumers. I have heard these are the few changes that have been made:

1The credit card(CC) companies cannot raise the interest rates of people who have been late in making payments for less than 60 days.
2) The interest would required to be reversed to the original rate, if the debtor is regular in making payments in the next 6 months.
3) If the CC company delays in processing the payments, they cannot charge a late fees.
4) Billing statements should be sent 21 days before the due payment date.
5) The CC company cannot charge extra for payments over the phone or online payments.
6) The introductory interest rate should at least continue for 6 months.
Looking forward to a debt-free life.

Joined: 26 Feb 2008
fireyone's page
Posts: 4246

143 Magic Points

Posted on Tue May 26, 2009 9:49 am  

I see you listed that bills need to be sent out 21 daqys before the due date. I have heard of them doing something with the billing cycle that results in late payments or extra payments. How does that work? I am really glad to see these new changes made law. For a long time we all have been hoping for that.
One thing though that throws me is if you read the fine pront on your credit card bill it says if you default the interest rate will change. Can they still do this if this law is in place?


Joined: 28 Jun 2006
scott's page
Posts: 446

10890 Magic Points

Posted on Wed May 27, 2009 8:44 am  

Hi fireyone,

In a double billing cycle the Credit Card (CC) Company, can charge a interest on any remaining balance in the previous month. So to avoid this you should pay the total due amount every month. You can also search for CC companies that do not have a double billing cycle.

The new Law does not prevent CC companies from changing the rates of interest. But, they will have to give a 45 days written notice before they change the rates.

Use your credit account responsibly and enjoy a debt free life.

Subject: Double Billing
Posted on Wed May 27, 2009 10:06 am  

Hi fireyone,

You will come to know whether your creditor is using a double billing cycle, if you read both the sides of your credit card statement carefully. There is a section called "Finance Charges". In that section you can find the way your interest rate has been calculated. If you see the previous months balance is added to the current months balance, to calculate the interest rate, then your creditor uses a double billing cycle. You can pay down the balances and close the account. It is best to choose a card that does not have a double billing cycle.


Joined: 28 Jun 2006
scott's page
Posts: 446

10890 Magic Points

Posted on Sat Jun 06, 2009 7:00 am  

Hi rachael,

The new credit card reform bill will adversely affect the business of credit card companies. I have heard that card issuers may respond to the new bill by making the following changes in their company policies:

1) According to the new bill, the introductory rate should continue for the first year. So CC companies may issue credit cards at much higher rates.
2) They may offer accounts with lower credit limits. In that case you may go over the limit easily.
3) They may also increase the amount of fines charged for going over the limit.
4) There will very less or no grace periods at all.
5) They may also reduce the number of reward programs.
6) It will be more and more difficult to get a credit card with a bad credit score.

Use your credit account responsibly and enjoy a debt free life.

Subject: New Credit Reform Bill
Posted on Sat Jun 06, 2009 7:11 am  

Hi Scott,

You can avoid landing into trouble, because of the changes that credit card companies may make. It will be best if you do a bit of shopping around for the best credit card deals, when you require new credit. This can be done online. You can also apply for e-mail alerts, so that you know when you approaching near to your credit limits.

If you spend too much when you go shopping, it is best to use your debit card. By using the online payment facility, you can easily pay off your monthly bills on time.

Joined: 14 Aug 2010
miminom's page
Posts: 2

39 Magic Points

Posted on Sat Aug 14, 2010 8:01 pm  

Thanks for the info! This law is to be honest I was very surprised ... very very surprised.


prepaid debit cards
Amanda W

Joined: 14 Aug 2010
AmandaW's page
Posts: 11

236 Magic Points

Subject: New Credit Reform Bill passed
Posted on Mon Aug 16, 2010 4:43 pm  

There are some more amendments in the credit reform bill, effective from 22nd August, 2010.

Some of these are:

1) The penalty for late payment cannot be more than $25, unless, you are late in one of last six payments or your creditor can show that the costs incurred due to late payments justify a fee more than $25. In the latter case, the fine would be $35.

2) Your credit card company cannot charge you a fine which exceeds your minimum payment. Say, your minimum payment is $15, so, your late fine cannot exceed $15.

3) The credit card company cannot charge any inactivity charge.

4) Your creditor can't charge you more than once for a single transaction/event.

5) If the credit company decided to increase the APR, he will have to explain the reasons to you.


Joined: 08 Feb 2010
Aaron's page
Posts: 2632

48565 Magic Points

Subject: new credit acrd reform bill
Posted on Wed Aug 25, 2010 12:53 pm  

Hi all,

I would like to add another point to what Amanda has said. In regards to the APR a the creditor will have to re-evaluate the APR every 6 months, and if possible will have to lower the APR within 45 days of the evaluation.


Keep in touch Smile

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