Credit Card Act has stopped creditors from increasing interest rate all of a sudden.

How the Credit Card Act restrictions have been helpful to consumers? Does it bring down the costs? How so?

1 Answers
Votes: 
-3 votes
+
Vote up!
-
Vote down!

It has helped in a lot of ways. Prevented the sudden increase in rates by the card issuers. The restrictions on over-limit and late fees, the end to double billing cycles, rules regarding how the more-than-minimum payments are going to distributed – all these together has reduced the borrowing costs on the whole.


Ask Question

Waterfall approach to debt free ™

Legal debt relief methodology that works based on your financial conditions. Learn more »

BBB-A--Rating