HEAT ALERT

Heat advisory in effect for Long Island through this evening.

Gov't issues credit card rules to protect consumers

The federal government announced sweeping new credit card regulations Thursday to help consumers reeling from high interest rates and late fees. Federal regulators have ended "double cycle billing,"

News 12 Staff

Dec 19, 2008, 12:51 AM

Updated 5,689 days ago

Share:

The federal government announced sweeping new credit card regulations Thursday to help consumers reeling from high interest rates and late fees.
Federal regulators have ended "double cycle billing," which means interest rates can only be raised on new credit cards, future purchases or advances, not on existing account balances. According to the new rules, credit card companies will also have to clearly list when a payment is due.
Also, a ?reasonable? amount of time must be given before credit card companies charge a late fee. Universal defaults will also be done away with. That policy allows issuers to increase interest on one card if a customer misses a payment on another card.
The credit card companies say the changes would force them to impose higher initial interest rates and make it tougher for some people to get credit cards.
Many Long Island residents say they?ve fallen victim to the kinds of practices the government just outlawed. The new rules take effect in 2010.
For an extended interview about refinancing, go to Channel 612 on your iO digital cable box and select iO Extra.
Click for more on refinancing in today?s economic climate


More from News 12
2:13
STORM WATCH: Hot, humid weather continues with chance for strong storms this afternoon

STORM WATCH: Hot, humid weather continues with chance for strong storms this afternoon

1:46
Long Islanders find ways to beat the heat amid sweltering temps

Long Islanders find ways to beat the heat amid sweltering temps

1:25
Lifeguards warn Long Islanders of high rip current risk on South Shore

Lifeguards warn Long Islanders of high rip current risk on South Shore

0:22
King Kullen recalls ground beef sold in Island Park over contamination concerns

King Kullen recalls ground beef sold in Island Park over contamination concerns

0:22
Man wanted for stealing credit card, charges over $900 in Riverhead

Man wanted for stealing credit card, charges over $900 in Riverhead

0:27
Stony Brook University names new interim president

Stony Brook University names new interim president

2:57
Former Suffolk GOP Chairman LaValle gives insight into former Rep. Zeldin’s speech at RNC tonight

Former Suffolk GOP Chairman LaValle gives insight into former Rep. Zeldin’s speech at RNC tonight

0:16
Man wanted for stealing speaker from Selden Target

Man wanted for stealing speaker from Selden Target

1:56
Garden Guide: Three backyard design ideas you need to know

Garden Guide: Three backyard design ideas you need to know

1:28
What's Cooking: Uncle Giuseppe's Marketplace's Italian potato salad

What's Cooking: Uncle Giuseppe's Marketplace's Italian potato salad

1:44
Hampton Bays high school teacher accused of having inappropriate texting relationship with student

Hampton Bays high school teacher accused of having inappropriate texting relationship with student

0:26
Sentencing for Brentwood man found guilty of killing cousin set for Wednesday

Sentencing for Brentwood man found guilty of killing cousin set for Wednesday

1:46
Long Islanders look for ways to stay cool amid heat advisory

Long Islanders look for ways to stay cool amid heat advisory

1:39
Massapequa Little League teams keeping their eye on the prize ahead of Regionals

Massapequa Little League teams keeping their eye on the prize ahead of Regionals

1:26
Authorities: Baldwin man scammed North New Hyde Park man out of several hundred thousand dollars

Authorities: Baldwin man scammed North New Hyde Park man out of several hundred thousand dollars

0:23
Baby deer rescued from fence at East Setauket home

Baby deer rescued from fence at East Setauket home

0:17
Suffolk police: Man's body recovered on bay side of Fire Island National Seashore

Suffolk police: Man's body recovered on bay side of Fire Island National Seashore

1:27
Officers take stand in second day of witness testimony in wrong-way crash that killed 2 Roslyn teens

Officers take stand in second day of witness testimony in wrong-way crash that killed 2 Roslyn teens

1:28
Glen Cove police to receive funding for body cams, new technologies

Glen Cove police to receive funding for body cams, new technologies

1:55
Made on Long Island: BubbleGoat in Shoreham

Made on Long Island: BubbleGoat in Shoreham