In the News
Mid-Hudson News: Consumer credit card protections kick in
February 23, 2010
GOSHEN – Orange County Consumer Affairs Commissioner Charles Mitchell says he receives as many as 50 complaints a month from consumers about their credit card bills.
That number should diminish quite a bit now that new federal credit card protections kicked in Monday.
Congressman John Hall said the safeguards are all about fairness.
“Consumers deserve to be treated fairly and honestly by the credit card companies and not hit with fees and interest rate hikes that drive them deeper into debt,” he said.
Mitchell said the new protections are a good tool to fight credit card abuse. “Fundamentally it helps it helps all of us; it helps the average person, it helps the consumers.”
The credit card protection law gives consumers more time to pay, more notice of changes, new limits on rate hikes, clearer disclosures, new fee restrictions, better payment allocation, more protection for the young, and fairer gift card terms.
One point to note, the Ulster County Consumer Fraud Bureau says the new law does not place ceilings on rates.
Mid-Hudson News: Consumer credit card protections kick in
February 23, 2010
GOSHEN – Orange County Consumer Affairs Commissioner Charles Mitchell says he receives as many as 50 complaints a month from consumers about their credit card bills.
That number should diminish quite a bit now that new federal credit card protections kicked in Monday.
Congressman John Hall said the safeguards are all about fairness.
“Consumers deserve to be treated fairly and honestly by the credit card companies and not hit with fees and interest rate hikes that drive them deeper into debt,” he said.
Mitchell said the new protections are a good tool to fight credit card abuse. “Fundamentally it helps it helps all of us; it helps the average person, it helps the consumers.”
The credit card protection law gives consumers more time to pay, more notice of changes, new limits on rate hikes, clearer disclosures, new fee restrictions, better payment allocation, more protection for the young, and fairer gift card terms.
One point to note, the Ulster County Consumer Fraud Bureau says the new law does not place ceilings on rates.
