New credit rules in effect

BROOKLYN - New laws designed to give consumers more awareness and rights with credit card companies went into effect Monday.

The legislation makes it more difficult for companies to raise interest rates unless a payment is 60 days late. It also eliminates rate increases on accounts that are less than one year old.

Additionally, credit card companies must notify cardholders as to how long it will take to pay off the full balance if only minimum payments are being made.

The new rules also prevent anyone under 21 from obtaining a card without a co-signer or proof of sufficient income.

advertisement | advertise on News 12

Trending Video

Residents are concerned about the safety of items 1 The Buzz: Safety concerns in wake of 8-year-old boy's death
Kevin Reilly, 8, died after a heavy planter 2 Vigil remembers 8-year-old killed by fallen planter box
News 12 asked viewers what they thought about 3 Hudson Valley Talks Trump: First 100 days
A kid from the Bronx is one of 4 Actor from the Bronx stars in '13 Reasons Why'
In honor of National Superhero Day, News 12 5 Word on the Street: Superheroes

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE