Feds Adopt New Credit Card Rules

18 Dec Feds Adopt New Credit Card Rules

As recently reported by Detroit Consumer Attorney, Kurt O’Keefe, today Federal regulators adopted new rules that restrict the ability of the credit card industry to increase interest rates on existing account balances.

The new rules take effect in July of 2010.

Under the new rules, credit card companies will no longer be permitted to raise interest rates on current credit card balances. The credit card companies would still be able to raise interest rates for future purchases or advances.

The new rules also restrict lenders from allocating all payments to balances with lower interest rates when a consumer also has balances with higher rates, such as the situation where the consumer has both credit card charges at one rate and and cash advances at another rate.

Consumers will now also have 45 days notice before any changes are made to the terms of an account, rather than the 15 day notice currently required.

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I've been a consumer bankruptcy lawyer for nearly 25 years. Since that time I have helped many people resolve their financial problems. I have been practicing law since 1986 and I am licensed to practice in all state and federal courts in the State of Louisiana. Because I am a sole practitioner, you know that your debt matters are being handled by me personally. In addition to my work with consumers, I am also frequently asked to speak at local seminars on bankruptcy law. I am member of the following organizations: • Louisiana Bar Association • National Association of Consumer Bankruptcy Attorneys • Bankruptcy Law Network My office is located at: 3920 General DeGaulle Drive, New Orleans, LA 70114 Telephone: (504) 368-4101

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