New credit card regulations take effect
New credit card regulations aimed at protecting consumers from egregious banking practices went into effect Monday.
Customers under 21 will now be required to have a guardian co-sign card applications. The law also includes a ban on unfair interest rate hikes, changes to over-the-limit fee policies and a number of other new regulations.
Experts think the new regulations will push credit card companies to exploit other avenues to make money. Long Islanders like Gus Tsoilis of Syosset say they are already used to the unfair actions of the credit industry.
"They take advantage of the consumer like everything else," Tsoilis says.