BUFFALO, N.Y. (WIVB) - New credit card laws take effect this month.
The holidays are over and the only presents in the mail arethose nagging credit card bills that are finally due.
Last year, congress passed the Credit Card Accountability,Responsibility and Disclosure Act.
As a result a number of changes take effect this month.
"There's a lot of consumer protection here," said Paul Atkinson,of Consumer Credit Counseling Service, of Buffalo.
Protection, that will change how creditors seek their money,according to the President of Consumer Credit Counseling ofBuffalo, Paul Atkinson.
"The most important thing is if you have an existing card, thecredit card issuer can no longer just change your rate," saidAtkinson.
Now, you have more notice on a rate change. Forty-five daysbeforehand, instead of 15 days.
But make sure you read your statement, because the new lawsdon't prevent creditors from putting your new rate in fineprint.
"It doesn't say where it has to be, doesn't have to be bold justsimply says it has to be on the statement," Atkinson said.
Other changes: If you don't agree to an interest rate change,just say no.
"You can notify the company that you don't wish them to continueissuing your card and opt out of it," said Atkinson.
With no penalties?
"Absolutely no penalties whatsoever," Atkinson said.
You'll still have to pay your existing balance, but this givesconsumers the option to shop around for better rates.
Other major changes include: More time to pay your bill,cardholders will have at least 21 days, Two-cycle billing will beeliminated, along with excessive fees for cardholders with poorcredit histories.
Visit Consumer Credit Counseling Service, here.
A Town of Tonawanda restaurant owner has been arrested and charged with strangulation and assault.
A house became engulfed in flames on Route 243, in Rushford, early Wednesday morning.
Law enforcement agencies in El Paso County, Colorado have made an arrest in the hit-and-run death of a western New York native.
Travel advisory for Southern Erie County. Travel ban in North Collins. Travelers advised to avoid I-90 between Exit 57 and Exit 61. More info:
Lakes will remain active on and off through the weekend.
One third of Canadians receive their mail straight to their door but that will soon be changing. Canada Post will phase out their door-to-door delivery over the next five years.