bigbir

Will this bill greatly help Americans who are struggling with debt? The answer is a resounding yes. With card companies no longer able to increase interest rates at a moment’s notice, a card holder will see huge reduction in their bills in the future.

Card issuers will also be restricted from implementing rate increases on existing balances due to “any time, any reason” or “universal default” and are fully restricted from imposing retroactive rate hikes due to late and delinquent payment. As long as cardholders pay their debt within 60 days from the date of their billing, their interest rates cannot be increased.

In addition, card issuers are now mandated to disclose all terms of their credit contracts online and in language that consumers can see and understand so they can steer clear of unnecessary costs and administer their finances. According to President Obama, “every card company will have to post its agreements online, and we’ll monitor those agreements to see if new protections are needed.”

This is indeed good news for people who are now indebted to credit card companies . With such move from the President, people with cards can now manage they accounts, settle or reduce credit card debts, and live a great life ahead.