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The cracked down on credit card tricks -- isn't it but on Monday and there are some big changes that you need to know about here to break down all the new rules.
-- -- Senior attorney for Consumers Union the publisher of consumer reports magazine.
Gail O'Grady to being here the central -- number one on people's lives would be they're gonna be protected from sudden interest rate spikes right.
That's correct you'll be protected from the interest rates going up on the money they've already virus for your fifteen -- only be -- reason here interest rates go up.
If you have paid sixty days late.
If you had a promotional rate and that promotion declaring you vacant chemical -- money that you aren't.
I have a variable rate could go both up and down according to the army.
But they'll be no other reason that will allow your bank to raise the interest rates on the money that you -- know.
But -- a jacket -- rates up now ahead of these things.
Well kind of.
Made a mistake they gave the banks to loan to get ready and they could got ready -- generate an -- so we have had a whole whole bunch American -- rate increases.
They knew a -- got cut that off going forward when you borrow money you'll be paying interest -- that you -- when you borrow the money must have a serious mistake like that anyway.
And they'll be aware of promo deals that is going to be something that credit card companies use you say.
Literally because you give up certain protections.
If you -- -- trans.
Are yet so -- just told you that your -- doesn't go up on the money already Byron but if you transfer your balance to a new car -- And you -- new contract even if it's with -- same credit card company over the different company.
And that new contract can call for two race.
An introductory or promotional rate that for six months -- longer and then another -- that goes into effect at the end of the problem for this is the one to primal punch.
You think you're getting a low rate.
But in fact you're signing up for a higher future -- and that higher future rate that a -- in the promotional -- applied -- all the money transfer.
And all the new charges you make -- that card after you start with emotionally you can really get hit.
If you love movement down.
What power do consumers have.
I mean we all of dealing with the credit card companies can be very difficult and it you know you're gonna call somebody probably going to be.
Outside the United States and have no real authority to change anything any tips for how we can fight back.
Well here -- your best power and leverage with credit company is not carry them.
-- -- -- if you don't like what they're doing -- you know you can just say forget about the card.
If you're still carrying a balance and you want to get rid of it your -- is now going to tell you how much you'd have to pay.
Can not that get out in three years to pan off and well in just three years of -- special lining so -- Thomas Tapeh.
Well that's one possibility to work your way down to zero balance and can't get there overnight.
On the not to watch his statements I think there's going to be -- experimentation credit card companies try to see what Catherine we'll accept that -- a new thing that you don't like.
Called the company and putting your -- at the back of my wallet and many of the different card that they don't like me and we'll look at them.
That car companies can still raise your minimum payment there's nothing getting in the way of that.
They can't -- -- minimum payment kind of thing like I have to give you 45 days notice that you cannot get it right to.
We Jack and keep your old minimum payment that's a loophole that sellers -- forward it into the new -- that was unfortunate.
Hello my good connect higher payment but if you only getting put it I don't know if that your -- doubling that can be very hard on the budget.
Gail thanks for being in here and breaking it all down for everybody -- -- the brand.
Senior attorney for Consumers Union publisher of consumer reports magazine thank you again.
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