http://www.businessweek.com/magazine/content/09_66/s0906020652848.htm
Obama signed a new law that will protect individuals from credit card regulations. The law goes into effect this upcoming February. The new credit card law does not protect small business credit cards. However, many small business owners use personal credit cards for company purposes & they will see the effects the of the newly established law. Credit card companies are now required to send bills 21 days before they are due and give a 45 day notice before rates are increased.
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I'm relieved this legislation was passed. the credit card companies have been making noises like they think usury is just fine lately.
ReplyDeleteIt does help entrepreneurs who finance their business through personal credit cards. this is a pretty common, albeit questionable, practice.
I, for one, am glad to see some attention being given to the individual rather than sending all this money to the people that caused the problem in first place.