Credit card law takes effect

ABC World News (2/21, story 3, 2:00, Harris) reported, “There’s a new law that’s going to take affect that slaps new restrictions on the credit card companies” and while it is meant “to protect you…the law also creates new ways for the banks to squeeze you.” Now, credit card companies are required “to spell out how long it will take you to pay off your card” and among other changes, “they can’t charge you for going over your limit unless you agree.” The credit card law is estimated to cost credit card issuers “$50 billion over the next five years” however they can get some of that money back by charging “new fees for things like paper statements, overseas transactions, even for not using your card often enough.” In addition, “they can…raise your minimum payment and of course, raise your interest rate.”