Finally good news about credit cards
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Finally good news about credit cards
| Thu, 12-18-2008 - 6:47pm |
Don't know if you've heard but today credit cards are being ordered to change some of their policies. The best one is that they will have to start applying payments to highest interest rather than lowest. This doesn't start until 2010 but still....I'll be paying my debt (unfortunately) well past 2010.
Jenny

Where was this reported and what body of people have mandated the change in credit card policy (to apply payments to higher interest rate balances, for example)?
That would be great.
Recreating Myself
I heard some snippets of it but not the entire thing.
The one thing I caught was that they won't count you late until 30 days past due vs. jacking up your interest rate for being 1.5 seconds late like they do now.
Becky
CL of 4th, 5th & 6th grade Scoliosis
Another poster posted this, but I see its fallen off the main page.... I thought this was a good article on the new regulations...
Teresa
http://www.affordingpickles.blogspot.com