U.S. President Obama passed a new law - the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009. This law will benefit consumers who have seen interest rates raised on balances, payment due dates manipulated at short period of time, and charged high fees for paying a bill by phone or online. It is estimated to cost credit card issuers US$10 billion in total lost interest for this new law.
I think it is time to terminate unnecessary credit cards before they stop waiving off annual fees.
Obama signs new credit rules [via]
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