Friday, May 7, 2010

Newly implemented credit card reform can mean real savings for consumers

Huffington Post: The credit card reform that took effect this year can save big money for cardholders who pay more than their minimum account balance -- as much as $2 for every $1 paid above the minimum, according to the Center for Responsible Lending.

That's all there is to it: Pay more than the minimum balance and potentially, you could save big because your payment will be applied to the debt with the highest interest rate instead of to the debt with the lowest interest rate. The new payment allocation order, along with an end to arbitrary rate hikes and an opt-in requirement for overdraft charges, was one of the central components of the Credit CARD Act, which Obama signed into law in 2009 and which took effect this year.

Read more here.


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