Northwest Florida Realtor


New credit card laws go into effect on Monday

 Feb 22 new credit car law goes into effect

  •  New credit card rules
  •  No rate hikes on existing balances  
  •  The End of double cycle billing  
  •  More time to pay  



The interesting side story that has not been talked about too often has been what the reports have been in the last six months that credit card companies before this law goes into effect have been doing everything they could under the old wild wild west credit card laws.


The survey taken by that was just released this month showed that


27 % of all surveyed had seen increased interest rates in the last six months

13 % of all surveyed had their credit limits lowered without any real reason, not being late or any escalation clause used to justify in this lowering. 

 11 % of all surveyed had their accounts closed without notice. 


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Comment balloon 2 commentsBrandon Jordan • February 20 2010 09:27PM


The real issue is when they lower the limit. That typically results in a decline in the credit scores. It has meant that many people cannot qualify for a mortgage

Posted by Eric J, Dream Home Financing (Eric J - Dream Home Financing) over 9 years ago

Thats a very good point. Thanks for the comment and for reading my post.

Posted by Brandon Jordan (ERA American Real Estate) over 9 years ago

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