New Credit Card Bill Means Significant Changes For Consumers

06/24/2009 05:12 am ET | Updated May 25, 2011
  • Liz F. Kay Baltimore Sun

Ready access to credit, coupled with teaser interest rates, generous reward programs, grace periods and the absence of annual fees enticed many Americans to rely on credit cards for even the smallest purchases. But when credit card companies hiked interest rates with little warning and slapped on snowballing penalties, consumer groups fought for change. Now that President Barack Obama has signed a credit card reform bill into law that curtails many of the fees and billing practices that have been so lucrative for card issuers, credit card representatives are predicting these perks may be harder to find as the industry evolves in response.

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