There is some good news on the credit card front.
New laws take effect on February 22, 2010.
If you are in the mood for some heavy reading you
can learn about those new laws here:
http://en.wikipedia.org/wiki/Credit_CARD_Act_of_2009
If you would like the new laws explained in plain English, writer
Sarah Eve has a very nice explanation on her blog:
http://totallyher.com/new-credit-card-laws/
I am most happy to see the end of what is called “universal default”.
What that meant is if you were late on your phone bill or any debt
that showed up on your credit report, your credit card companies
reserved the right to raise your rate.
Very unfair, if you ask me.
Good riddance!
Check out Sarah’s article.
