Consumer Blog
New credit card rules proposed by Federal Reserve
"The Fed" is looking at some possible new rules that would change a lot of the unpopular practices of credit card companies. They would affect the fees and interest rates the companies charge, among other things. They are fairly complex, but our friend Paul Wenske at the KC Star this weekend did a nice job of breaking them down into understanble terms.
Here is the Fed's summary of the proposed rules.
Technorati Tags: cardholder, finance, interest rate, universal default, credit card, moagoconsumer, consumer protection
Posted by on May 13, 2008 11:46 am :: Comments (3) :: Permalink
3 Responses to "New credit card rules proposed by Federal Reserve"
says:
May 31, 2008 12:40 am
If im late on my credit card payments? How many times a day can these institutions call me ?
says:
June 2, 2008 10:29 am
To Kevin:
Under federal law, there is no specific limit of times you can be contacted. But you have the right to tell a debt collector (in writing) not to contact you again. This of course does not erase your debt - it just means the collector must use some other means to collect the debt - which might include suing you.
says:
July 10, 2008 10:40 am
Also check out the FDCPA Fair Debt Collections Practices Act. Debt Collectors must obide by a long list of rules. which include: 1. Causing a telephone to ring or engaging any person in telephone conversation repeatedly or continuously: with intent to annoy, abuse, or harass any person at the called number. 2. Abusive or profane language used in the course of communication related to the debt. Those two seem to be a standard practice by some debt collectors. hope that helps.
