New credit card rules protecting consumers – Bangor Daily News

New credit card rules protecting consumers – Bangor Daily News.

With more than a little fanfare, the rest of the federal Credit Card Holders Bill of Rights took effect last week. With a lot less fanfare, one state agency that watches out for consumers’ credit matters invited its customers to weigh in on their concerns.

The legislation was designed to reform the way credit card issuers do business. Congress had been getting lots of complaints about retroactive rate hikes, bait-and-switch promotions and all manner of practices that prompted some former lovers of credit to set fire to their cards.

Several parts of the reform measure took effect last year. Most major credit card companies used the period from then until the rest of the changes became law to do three things: get into compliance, juggle rates while they still could, and figure out new ways to attract customers to credit buying.

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