New US Credit Card Rules Take Effect

New credit card rules in the United States come into effect on 22nd February, 2010, which was signed into law last Spring under the Obama administration.

These new rules offer significant protection to American credit card holders and their families because from today onwards, credit card issuers and financial institutions can no longer hike rates retroactively, or increase rates in the first year of the account opening, charge misleading or hidden fees or basically, just charge all sorts of fees at the drop of the hat at the slightest opportunity.

Actually, I am surprised that there has been no central governing body thus far and wonder what has taken the government this long to see that US credit card holders and they families have been taken advantage of but better late than never, I guess!

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