2006-08-17 20:52:10 · 3 answers · asked by nixdad96 5 in Politics & Government ➔ Government
Laws governing credit card companies gives them to option to increase payments but the debtors must be given notice of its effectivity.
2006-08-17 21:08:47 · answer #1 · answered by FRAGINAL, JTM 7 · 0⤊ 0⤋
In July of last year, there was a law passed that credit card co.
can charge 1% of your outstanding credit. Not all companies joined. It is aimed to pay off your bills. This was passed because of the new bankruptcy laws.
2006-08-21 23:58:01 · answer #2 · answered by floridagirl2 3 · 0⤊ 0⤋
from 2 what?
I'm pretty sure they have passed legislation that requires card companies' minimum payments to equal the finance charge plus 2% so Americans don't keep burying themselves under credit card balances that they can't ever pay off because they go up every month.
2006-08-18 03:59:18 · answer #3 · answered by vicvic* 3 · 0⤊ 0⤋