New credit rules in effect

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

New legislation passed by the City Council will 1 Word on the Street: Bedbugs
A man, seen on surveillance video, fired several 2 Police: Man sought in connection with Pugsley Ave. shooting
Police say a mall guard was trying to 3 Police: 6 sought in stabbing of mall guard in Bay Plaza
VIDEO: Bronx restaurant owner attacked, robbed in apartment 4 VIDEO: Bronx restaurant owner attacked, robbed in apartment building
News 12 The Bronx has learned that two 5 Officials: Apartments damaged in Bronx Boulevard fire

advertisement | advertise on News 12


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.