Today the Federal Reserve as part of the new bill Credit Card Accountability Responsibility and Disclosure Act of 2009, decides to Ban “inactivity fees” and limit Credit Card Fees to $25.
These restrictions add to the provisions already suggested like, limiting the use of credit cards to teens, and my favorite, minimum payment explanation. The Minimum payment explanation Requires that creditors print on their statements if the debtor makes the minimum payment only how long it would take to retire the debt and how much the debtor would pay in interest combined.
“The new rules require that late payments and other penalty fees be assessed in a way that is fairer and generally less costly for consumers,” said Federal Reserve Governor Elizabeth Duke in the announcement.
Think you can breathe a little easier? Not until the bill passes in August 22 2010.