2010-08-02 07:16:00
The Credit Card Accountability, Responsibility, and Disclosure Act, which was enacted last year, will go into effect soon. What does this mean for you? One thing is that credit card companies now have a cap on what they can charge a customer for late fees and penalty charges. The new cap is twenty five dollars on all late payments. This, theoretically, will keep companies from taking advantage of cash-strapped customers, and at first glance, seems beneficial. However, it does not correct the problem of why people end up in this financial predicament in the first place. If you find yourselves making late payments or minimal payments on your credit card bills, give us a call. There is a better solution other than capping your penalties and making the minimum payment. Comment here.
For more information, check out the issues section on our resources page or contact us. You can also call our toll-free Trucker Prayer Line at 1-877-797-PRAY (7729). We’re here for you.
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Tags: finances, emotional wellness, archive, blog
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