Starting today, Thursday August 20th, banks must start complying with part of the Credit Card Act of 2009. Some of the initial requirementsare that banks must mail monthly bills at least 21 days before payment is due on the card, and by providing at least 45 days notice before making any significant changes to interest rates or fees. In the past credit card companies were allowed to send bills out with as little as 14 days notice prior to the bill being due and only had to provide 15 days notice prior making changes in fees or interest rates.
The Wall Street Journal reports that in anticipation of the new law going into effect major credit card companies have been raising rates, reducing credit lines, and closing accounts. See http://online.wsj.com/article/SB10001424052970204044204574358612543642536.html. The majority of the provisions in the new law go into effect in February 2010. Among the new provisions are new disclosure rules and limits on interest-rate increases on existing balances.
Credit card debt is one of the main reasons people file for bankruptcy. Regardless of the type of bankruptcy you file (Chapter 7 or Chapter 13), you will be able to eliminate all or nearly all of your credit card debt. If you are struggling with credit card debt and want to learn how bankruptcy can help you, attorney JacksonWhite offers a free bankruptcy consultation to discuss your particular situation.