New Credit Card Law

[Judi Lynn]

New Credit Card Law
Jan. 3, 2006
Jessica Wheeler

A new credit card law aimed at helping consumers get out of debt went into affect on January first. The law is designed to keep credit card companies from making too much money and it will also help those in debt get rid of it quicker.

Recent college grad, James Walsh says he sometimes leaves a balance on his credit card. "I try not to but its not always possible, I just got our of college so I'm trying to work around everything."

And with 7 million Americans only paying the minimum amount on their credit cards, Walsh is not alone. In fact, credit card companies made about 30-billion dollars in 2004... all from interest charges.
(snip)

This year will be different, a new law now requires consumers to pay the interest and penalties on their bills plus at least one percent of the principal, something that Williams says will initially hurt some people who could be paying 50 bucks more a month.
(snip/...)

http://www.hoinews.com/news/headlines/2148207.html