New credit card rules adopted by regulators - KWWL - Eastern Iowa Breaking News, Weather, Closings

New credit card rules adopted by regulators

Posted:

WASHINGTON (KWWL) - New rules intended to protect consumers from arbitrary credit card interest rate increases or unfair constraints for paying have been adopted by federal regulators.

The rules will allow credit card companies to raise interest rates only on new credit cards, future purchases or advances and not on existing account balances.

However, some experts say the changes could make it more difficult for people with bad credit to get cards.

The Federal Reserve and the National Credit Union Administration are expected to act on them later in today. They would take effect in July 2010.

Online Executive Producer: Nate Leding

Powered by Frankly