Here’s where you can find a list of important changes to credit card regulations intended to protect consumers.  Changes Set to Protect Credit-Using Consumers | RISMedia  I don’t know about you, but the fact that you could be a few hours late with your payment and could end up being dinged by “universal default” so that all your card rates go up, is a practice by credit card companies that I have considered very underhanded.  Universal default still exists, so look at the new rules to see how it is applied.

With the new rules, as long as your payment is received by 5pm the day it is due, you are considered to have paid on time.  Plus, if your payment due date falls on a Sunday or holiday, you get an extra day added to your due date.  The other thing I think is an improvement is that the credit card companies have to mail or deliver your bill 3 weeks before it is due and they have to give you a consistent due date.  That will help everyone who uses electronic bill payment services so you can set up an automatic payment and never be late again, which can help raise your credit score.  If you only pay the minimum due, you will still take years to pay off your balance, so make a plan to get those balances down and don’t use the card until you pay off what is owed.  Paying interest is a lost opportunity for being able to buy fun things you want.  Instead you get nothing for your money except a bill every month.  The best plan is to pay off your balance every month.  If you can’t do that, figure out why not.

People under 21 will now have to show proof of financial ability to make their payments or have a co-signer to get a card.  Let’s hope this rule helps a lot less college students and young people get in trouble with credit cards which damages their credit at a young age.  Plus you start out in life behind and never seem to get ahead.  Very sad way to start adulthood.  Financial responsibility goes a long way to helping you have a less stressful life.

There are needs (food, transportation, shelter) and wants (video games, top of the line mobile devices, name brand clothing) in life and wants will never be needs.  Too many people have been using credit cards to buy wants they can’t afford.  Maybe as a country these rules will help us individually get our priorities straight and we can tell Congress to get their spending priorities straight as well so that the next 3 generations aren’t bankrupted.  Not many of us, government included, have a pocket full of blank checks with endless resources to pay off debt.  But that’s another topic.