Both houses of Congress have now signed off on a bill to amend the Truth in Lending Act, and now it’s off to the President’s desk where the legislation is anticipated to be signed into law. At Wallet Blog, we have been covering the news on this bill for as it has evolved. Now that it’s headed to President Obama for approval, we’d like to provide an in-depth analysis on the bill’s major features. They are as follows:
APR Changes on Your Existing Balances: Credit card companies won’t be allowed to raise interest rates on your existing credit card balance unless you are more than 60 days behind on your payments to them. If you get an APR hike because you were 60 days late, you will be able to get back your original rate, by making payments on time for 6 months in a row.