Debt Shield Alerts Consumers to New Credit Card Rules and New Creditor Tactics
Summary
"Major protections for consumers, especially regarding interest rates, will negatively affect creditors, which is why many will attempt alternative ways to make up their profit losses," explained Debt Shield CEO Phil Fewster.The law also prohibits shifting monthly due dates as well as issuing over-the-limit fees (unless the consumer agrees to allow transactions that push them over their limit)."Major protections for consumers, especially regarding interest rates, will negatively affect creditors, which is why many will attempt alternative ways to make up their profit losses," explained Debt Shield CEO Phil Fewster.Moreover, borrowers are now allowed to decline interest rate hikes, close the account and pay off the balance at the current rate.The law also provides protections for consumers under 21 who cannot be issued a card without proof of income or an adult cosigner.The law also prohibits shifting monthly due dates as well as issuing over-the-limit fees (unless the consumer agrees to allow transactions that push them over their limit).