People are badly affected by the recent financial crisis especially those who are credit card holder.
It is because they have to face the dual behavior of their card companies.
They are experiencing the love and hate type of relationship with these companies.
These companies are making most of their cards issued and they know how to cash recent economic situation.
Credit card companies often charge high in different ways for example by increasing and variable interest rates and other charges.
They have only one purpose behind these tactics and that is just to keep the consumer in their trap as long as they can because the financial resources of the card holders are the financial power of these companies.
People are really taken in by these companies.
But now they need not to worry because the government has decided to implement new laws regarding the credit card companies and for the safety of their consumers.
In these laws it is clearly stated that all the companies will be bound to keep their interest rates in the limits and they will not be allowed to increase them or change them.
The companies are strictly prohibited to charge any penalty.
If they are going to change the interest rates then they will have to inform about it to the consumer before 45 days prior its implementation.
In this way the consumer will have some time to plot his next strategies regarding expenses and purchasing.
The companies are also not allowed to impose any pilling interest rates over their customers if they are paying the company without any delay from last six months.
If any customer wants to pay his amount through telephone call, e-mail or even online then companies have no right to charge them any fine, fees or other penalties.
The customer should know the fact that if he will be late in paying within 60 days of period, credit card companies will not charge any late payment or raise the interest rate over the late duration.
The new laws made by the government are no doubt in the benefit of the card holders.