Credit Card Rules

" Professional money managers have going off to complain about today new credit card rules aimed at shielding consumers from arbitrary interest rate hikes. It's a move that may benefit millions of cardholders -- could cause another multibillion dollar hit on the banking industry. Correspondent Dan Rosen explains. Having slash the federal funds rate nearly to zero this week the Federal Reserve took equally historic action today imposing sweeping changes on the credit card industry. The rules -- to promote responsible use of credit cards through greater transparency in credit carte pricing. Including the abolition of pricing practices that are deceptive or unfair. Effective July 2010. Credit card companies may only slaps higher interest rates on -- future cards -- balances -- on the -- already -- new disclosure requirements require the credit card companies to give 45 days notice not the current fifteen when they make changes to a borrowers account and to make the -- it easier to find and digest. It."

" Appreciation fund new disclosures were -- throughout the life cycle the credit accounts within they are choosing I knew -- car. Within their I'm going to cost. Better reflect on their monthly statement for the incident in active future changes included the capture."

" And when the borrower sends in more than the minimum amount dude that money must be applied to that part of his balance with the highest interest -- not solely to the park with the lowest if it all sounds too good to be true leading bankers and financial advisers say. There's a few good reasons for that."

" The regulations will require. Credit card industry to dismantle. There -- existing business model and rebuild it. Based on a different risk model but different pricing model -- you consumers will see that their credit card product has changed. You'll get more information you'll be able to use better information but they may find it hard to get credit. They may find that the people for."

" This is going across these banks and credit card companies estimated ten billion dollars they are not going to let that go away Silva make it up either larger charges appeared days late. They'll change the dates that you -- nearly two if you pay -- data used to pay. The least some kinds of other little charges and gains that'll get you could they have to make up that revenue."

" Borrowers with a scandal bad credit history you'll find it tougher to obtain a credit card and those who pay their credit card bills on time will still likely see higher interest rates."

" People who manage their credit cards well we'll end up subsidizing people who who don't."

" Some sixty million American households carried credit card debt with the average debt exceeding 10000 dollars. And our collective credit card debt is four times what it was in 1990 -- Well OK James --"