Just as I am in the middle of writing a blog series on credit, tomorrow, major changes will be made in the credit industry. The new law, phase one of which is set to begin tomorrow, will have give more advanced notice for major changes to credit card agreements and will extend the amount of time to pay bills.
The additional time will definitely help us as consumers deal with the changes that may occur to our credit cards. There is now more time to reject changes by credit card companies and to cancel the card. This might mean higher payments for us in the long run as we will have a shorter amount of time to pay off the balances, but it will save more money by avoiding high interest rates.
There are some more changes to take effect in February which will limit credit card companies abilities to impose fees. I am looking forward to all the changes that are happening.