Pros and Cons of Credit Card Industry Reform

For years, consumers expect a credit law that protects their rights. According to the owner of the credit card "Bill of Rights Act 2009, card issuers would not be able to use certain practices, such as double cycle billing, universal default, and others. And although the new law does not has good points analysts continue to debate the pros and cons.

The main question on the lips is whether interest rates rise? In fact, this was the main argument of critics of the reform of the credit card. Once the new law limits the interest rates of lenders to adjust the existing balance, the editors will have to compensate for lost revenue from somewhere. And it is likely that banks and companies will charge higher annual fees and interest rates on the accounts of most customers. Moreover, few companies in May for the various awards programs. Meanwhile, experts believe that the loan will remain the best of the best credit card applications for consumers.

Issue is the reform of the credit card that makes it hard for people to have access to credit? In fact, it is difficult to access credit, but there is no reason to blame for this reform. The challenge is that companies and banks have become more cautious with regard to the choice of potential customers. The question, given the economic situation, resulting in large financial companies reduced the amount of e-mail credit card offers. All information, companies are very concerned about the financial liability of their clients.

As more and more clients are losing their jobs, companies are increasing rates of default. Therefore, it is not unexpected, because more and more lenders to reduce credit limits for accounts of their customers. Most analysts acknowledge that the credit limit of the cuts are not bad for the economy. In recent years, banks provide lines of higher costs for those who may be borrowers. Now, with credit card issuers and may be exposed to the risk reduction associated with a high quality, cutting spending limits for the accounts of its customers.

In general, there is enough time until next February, so that banks and credit card companies to offset losses by using all these practices and prohibited the planned before the start of the new legislation in. However, there are to say that while companies raise interest rates, which continue to allow their holders to freeze interest rates on age, but in this case, consumers will not be able to use their cards.

If you suffer from high rates to act quickly - contact the issuer and try to negotiate the issue with the phone. If the company fails to meet half way, you can select the new rates, but must do so in writing. Finally, to verify their monthly changes.


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