A huge development in the credit card industry gives credit card uses more control.
New laws that go into effect today say companies must now warn people ahead of time if they plan to raise interest rates. Furthermore, new monthly statements must break down exactly what you're being charged and how long it will take you to pay it off if you continue with the minimum payment.
"The significant change in this bill actually says the credit card company has to give you a 45 days notice before they change interest rates, which would allow you to go out and try to find other financing somewhere else or transfer balances," CEO of Consumer Credit Counseling Laurie Tufford said.
To learn more about the credit card reform Credit Counseling is hosting a workshop dedicated to the issue 5:30pm on Wednesday: 401 N. Morain, Kennewick.
--Hilary Whittier. If you have story ideas please email her at Hilary.Whittier@KNDU.com