The Credit CARD Act signed into law this May is going into effect today. What does this mean for consumers?

The new law offers some protection to consumers by requiring a 45 day advance notice of any changes in interest rates or fees. Payments won’t count as late unless a bill was sent 21 days prior to the due date.

Still, experts warn that consumers need to be wary of changes in their credit-lines. How much you are allowed to borrow through your credit card may impact your overall credit score and companies are still able to alter credit limits without notice.

The best advice anyone can give about credit cards is to read the fine print. Make sure you understand the terms of any credit card offer and make informed choices about how much credit card debt you take on.
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