New Credit Card Rules Edition

Welcome to the 193rd edition of the Carnival of Debt Reduction. Considering the recent rule changes we’ve seen enacted for the credit card industry, I thought that would make a good theme for this carnival. The carnival features a section of articles related to the new credit card rules, as well as lists some of the highlights from the new legislation. Thanks to the WSJ’s Washington Wire for the list.

Best of the Best Debt Reduction

Existing balances: Issuers cannot retroactively change the rate on an existing balance unless the account is 60 days delinquent.

Payments: A consumer payment above the minimum applies first to the balance with the highest rate.

• Christian Debt Help submitted a post called A debt reduction strategy.
• Super Saver presents Saying Bye Bye to our Mortgage posted at My Wealth Builder.
• The Digerati Life submitted a post called How To Avoid Bankruptcy: 5 Steps To Solvency.

More Debt Reduction

Teaser rates: Issuers cannot raise rates for the first year after an account opened. Promotional rates must last at least six months.

Bills: Issuers must send a bill 21 days before the due date.

• MatthewPaulson presents The Top 5 Financial Resources You Need to Help Manage Debt posted at Fine Tuned Finances.
• Lakita presents DANCE Out of Debt: 5 Starter Steps to Eliminate Debt posted at Paneh Praise.
• CreditCardAssist.com presents The Best Balance Transfer Card Strategy posted at CreditCardAssist.com.
• kathryn presents Saving Your Mortgage from Foreclosure posted at Out of Debt – Christian Finances and Debt Help.
• Mr Credit Card presents Radio Interview with Adam Baker from Man Vs Debt posted at Ask Mr Credit Card’s Blog.

About the Credit Card Industry Changes

Over limit: Issuers cannot charge over-limit fees on credit cards unless the consumer has signed up to allow such transactions.

Minors: For consumers under 21 years old, a company must get the signature of a parent or another to take responsibility for the debt, or it must obtain proof that the under-21 consumer can repay credit.

• Madison presents Credit Cardholders’ Bill of Rights Act of 2009 posted at My Dollar Plan.
• Patrick @ Cash Money Life presents Changes to the Credit Card Industry posted at Cash Money Life.
• PF Credit Cards presents Credit Card Companies are Screwed with the New Bill posted at PF Credit Cards.
• Man Vs. Debt submitted a post called 18 Year Olds Now Require Co-Signer To Obtain Credit Cards. Still Maintain Right To Catch Bullets With Their Face!.
• SpendOnLife.com presents Debit Cards Take the Lead Over Credit posted at Spend On Life.

General Finance Advice That Might Help You Reduce Your Debts

Disclosure: Cardholders must get 45 days notice of change in terms.

Fees: Issuers cannot charge fees to pay by mail, phone, and electronic transfer or online, except for expedited service.

Gift cards: All gift cards must have at least a five-year life.

• Peter presents 10 Practical Ways To Save Money And Increase Your Net Worth posted at Bible Money Matters.
• FFB presents Credit Cards Don’t Suck, You Suck! posted at Free From Broke.
• Pinyo presents Why You Should Start Using Sinking Funds Today posted at Moolanomy Personal Finance.
• Leave Debt Behind presents Starting a Budget for Your Family posted at Leave Debt Behind.
• Raj Patel presents Debt Settlement vs. DMPs: Questions and Answers posted at DebtGoal.
• Enemy of Debt submitted a post called Got Credit Cards: Here’s Aother Reason To Say Goodbye!.
• nickel presents How to Find the Best Mortgage Rates posted at fivecentnickel.com.
• d. ninja presents Get rid of that darn murdercycle. posted at Punch Debt In The Face.
• The Smarter Wallet submitted a post called Cheap Family Lives The Frugal Life With Ease.
• J. Money presents Dear Shopping Malls, Best Buy, Target – I miss you… posted at Budgets are Sexy..
• Matthew Paulson presents A Resource for Getting Debt Free posted at American Consumer News.
• KCLau presents Easy Pawn Shops – Do you need to Pawn? posted at KCLau’s Money Tips.

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A big thanks to everyone who participated in this week’s Carnival of Debt Reduction. If you’d like to participate in the future or possibly host it yourself, be sure and head over to the carnival website.

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4. The 140th Carnival of Debt Reduction: Circus Day Edition
5. Carnival of Debt Reduction #85: The American Way of Debt Edition