What the new credit card reforms may mean for you
Federal regulators may issue new rules next week
The Federal Reserve Board will vote Dec. 18 on a sweeping set of credit card regulation reforms. What will the proposed credit card industry rules mean for cardholders?
Millions of credit card users would avoid retroactive interest rate increases on existing card balances and have more time to pay their monthly bills, greater advance notice of changes in credit card terms and fewer penalty fees, late charges and interest payments.
If approved, the changes — the most significant in nearly three decades — would fundamentally change the way credit card issuers market, bill and advertise credit cards. Bankers have said the rules will lead to higher interest rates and a significant reduction in the amount of credit available to all consumers — even those with good credit.
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