Recently I was reading about the changes to the laws relating to credit cards in the US. The article was aimed at informing as to the implications of the laws that come into effect in 9 months.  Of course the laws are meant to protect the consumer from the rising changes imposed by banks. However the article went on to state that banks will find some method of transferring their potential loss onto the consumer.

This is great news for those who have cards however the long term implications may mean that the credit card companies may be the winners and those who use the card, the losers.  To me this is not great news, not that it will affect me since I made the decision to get rid of my credit cards. I now use a debit card and I am more in control of my money and spending as a result of it. So if you are one of those people living in the US using and paying off your credit card since you do not wish to be charged, pay attention to the fine print. And especially follow the new laws and what they mean for you.

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Tags: credit cards, debt
Filed under: Money tips