Post Content

Undersecretary Barbara AnthonyPosted by:
Barbara Anthony, Undersecretary of the Office of Consumer Affairs and Business Regulation

Starting tomorrow, you’ll have 21 days to pay your credit card bill, and at least 45 days advance notice if your credit card company is changed your interest rate, the required minimum payment, or increasing fees.

The changes are the first in a series of reforms signed into law by President Obama earlier this year. Other changes will go into effect in February.

These first changes are important ones for consumers. In recent months, in the run-up to the new rules, credit card companies have been making changes to accounts. Many cardholders, for example, have seen immediate increases in their minimum payments. The new rules give cardholders the option of rejecting the changes, and paying off the remaining balance and not using the card any longer.

There are, however, some things consumers should be aware of. New fees are only required to be disclosed before they are imposed. If a low-rate, or zero-percent rate is about to expire, no notice is required if the new rate was originally disclosed. No notice is required if a credit limit is lowered.

These changes are good first steps toward addressing some of the practices of the credit card industry that consumers have complained about, and help many cardholders who were hit hard before these rules were put in place.

Written By:


Jayda Leder-Luis is the Communications Coordinator at the Office of Consumer Affairs & Business Regulation.

Recent Posts

Craigslist Scam Alert: How You Could You Be Paying Someone to Steal Your Personal Info posted on Jul 24

Over the past week, the Consumer Hotline has received two complaints about a scam on Craigslist where buyers are scamming sellers out of money and their personal information. Callers reported being scammed when trying to sell an item on Craigslist. Online buyers would offer to   …Continue Reading Craigslist Scam Alert: How You Could You Be Paying Someone to Steal Your Personal Info

First Time Homebuyers Prepare Themselves posted on Mar 13

Buying a home is one of the biggest purchases a consumer will ever make. Although buying and owning a home may seem daunting, prospective Massachusetts homeowners have a wealth of resources to prepare themselves. HUD-approved housing counseling agencies and Community Development Corporations around Massachusetts provide   …Continue Reading First Time Homebuyers Prepare Themselves

Subfreezing Temperatures Don’t Have to Freeze Your Bank Account posted on Jan 9

Subfreezing Temperatures Don’t Have to Freeze Your Bank Account

As the nation has endured subfreezing temperatures this week and consumers are putting their thermostats to work, it might be a good idea to check in and see how efficient your heating system is running. In Massachusetts, MassSave, a statewide program sponsored by Massachusetts energy companies,  supports   …Continue Reading Subfreezing Temperatures Don’t Have to Freeze Your Bank Account