No doubt you've been hearing all the buzz about the new credit card rules and regulations that are either in effect now or going into effect soon. I know we personally have already received notice about one of my husband's credit cards suddenly having a substantial annual fee after years of being fee-free (we will be canceling that one... it rarely gets used anyway).
We are in the fortunate position of being credit card debt-free, after paying off a significant debt a couple years ago. We do have an American Express that (at this time) has no annual fee -- hope I didn't just jinx myself -- which we use regularly and pay off at the end of the month to receive points towards their rewards program. However, as you just read, the new rules have had an impact on our other accounts, even though we rarely, if ever, use them. This may be the case for you, as well, if you own credit cards but pay cash or pay them off each month.
Now if you are one of the many folks who are carrying a credit card debt right now, you will be more directly impacted by these new rules, but do take comfort in the fact that they work in your favor. For once!
Shannon over at For the Mommas has neatly summarized the new rules and the impact they have on us consumers. It's absolutely worth the read, even if you cut up your cards years ago. As we all know, it is our responsibility to be educated consumers!
Read Shannon's post on credit card rules and regulations here.
