New credit card rules take effect

Posted: Updated:

New credit card regulations designed to help consumers took effect yesterday.

The rules prohibit credit card companies from hiking interest rates without reason and an explanation.

Companies are also banned from charging multiple fees for the same mistake, and fees for late payments and other transgressions will be capped at $25.

Doug Young, financial education coordinator for Community Capitol Resources, says the new rules are a major step forward for consumers.

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