New credit rules in effect

New laws designed to give consumers more awareness and rights with credit card companies went into effect Monday.The legislation makes it more difficult for companies

THE BRONX - New laws designed to give consumers more awareness and rights with credit card companies went into effect Monday.

The legislation makes it more difficult for companies to raise interest rates unless a payment is 60 days late. It also eliminates rate increases on accounts that are less than one year old.

Additionally, credit card companies must notify cardholders as to how long it will take to pay off the full balance if only minimum payments are being made.

The new rules also prevent anyone under 21 from obtaining a card without a co-signer or proof of sufficient income.

advertisement | advertise on News 12

Trending Video

Videos from inside the halls and classrooms of 1 Videos capture violent fights inside M.S. 232
Acai Parfait 2 Food For Thought: Viewer Recipes
A Mass was hosted at St. Barnabas Church 3 Group honors fallen indigent veterans
Bronx driving school offers free program for illiterate 4 Bronx driving school offers free program for illiterate students
Officials locked down William A. Carter Elementary School 5 All clear after latest Middletown bomb threat

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE