Federal regulators have now approved a sweeping set of credit card regulation reforms that promise the end of retroactive interest rate increases and offer more time to pay monthly statements, less late charges, and lower interest payments.
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New Credit Card Rules Help Manage Your Military Money

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As military personnel, you are faced with the challenge of supporting the lifestyle you want for yourself and your family, on your military pay. To some degree, all paycheck earners must do the same; but the military lifestyle, which can includes frequent travel and military moves, overseas military deployment, and the keeping current with changeable military paycharts, all add a unique level of complexity to managing your military pay.

Oftentimes, military families fall short of paying all bills due during the month, and fall prey to predatory lenders including payday lenders. Many military families find themselves using too many credit cards to cover bill payments or using the maximum credit limits resulting in late payment fees, over the limit fees, and negative credit ratings.

Federal regulators have now approved a sweeping set of credit card regulation reforms that are literally the most significant changes in nearly three decades. These new credit card rules will go into effect July 1, 2010.

And while new these protections were designed with the consumer in mind, military personnel can still leverage these new credit card rules for better military money management.

CIVILIAN OR MILITARY, NEW CREDIT CARD RULES OFFER BETTER MONEY MANAGEMENT

The new credit card rules promise the end of retroactive interest rate increases and offer more time to pay monthly statements, as well as better advance notice of changes in credit card terms, fewer penalty fees, less late charges and lower interest payments.

The new credit card rules will fundamentally change the way credit card issuers market, bill and advertise credit cards.

Bankers warn that the new credit card rules will lead to higher interest rates and a significant reduction in the amount of credit available to even those with good credit (Chase predicts that the average annual percentage rate will rise by nearly 2 percentage points) but overall, the protections to you as the credit card user, whether you are civilian or military, are in your favor.



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