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Wednesday, May 27, 2009

New Credit Card Regulations

2009-05-27

14:16:50

Changes to how people apply for credit cards may help reduce debt through education.
From now on new regulations require credit card applications and contracts feature a box that outlines interest rates, grace periods, and fees.
On monthly statements there will be information on how long it would take a card holder to pay off a balance only making the minimum payments.
The President of Credit Counseling Services of Atlantic Canada John Eisner says that little piece of plastic can get consumers in a lot of financial trouble if not used properly.


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