Northwest Florida Realtor

head_left_image

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 Credit.com 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. 

source Credit.com

Brandon Jordan's Facebook Profile

Add me to your Facebook

View Brandon Jordan's profile on LinkedIn

Brandon Jordan, Realtor,E-PRO,ERA American Real Estate

Thank you for adding me as a friend over the years on Facebook.

Now like my new business page on Facebook.

 

View Brandon Jordan's profile on LinkedIn

Brandon Jordan
Sr Vice President
ERA American Real Estate
Cell- (850)-758-1236
Fax- (850)-682-9439
Buy A Florida Vacation Home.com

"We provide this information and much more on our site for you 
at no charge, so please remember us when you're looking to buy
or sell real estate"

 

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

Comments

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) about 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) about 9 years ago

This blog does not allow anonymous comments