New credit card laws take effect - 13 WTHR Indianapolis

New credit card laws take effect

Updated:

New York (AP) - A credit card issue tracking group expects new laws going into effect today will save consumers at least $10 billion a year.

The law shields card users from sudden interest rate hikes, excessive fees and other tactics companies use to drive up profits.

The down side is that in the nine months between the law being signed and going into effect, companies jacked up interest rates, created new fees and cut credit lines.
       
(Copyright 2010 by The Associated Press.  All Rights Reserved.)

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