New Rules for Credit Cards

The Mexican Senate approved late last year, measures to limit the bids and awards of certain types of credit cards. These could serve as an example to other countries in the area. U.S. President Barak Obama has already expressed its interest in the new regulation of credit cards in the United States is approved on the 25th May. The measure passed unanimously in the Senate, with these initiatives is to protect users of financial institutions and certain practices classified as "predatory? by banks. What passed the Senate? Customers must be notified 30 days in advance of any increase in interest rates on credit cards. In this way users can assess whether they are or not their credit cards.

The restriction of the hours they are bidding on credit card users. The ban on credit card "pre-approved? without having been requested. The credit limit be raised only with the prior consent of customers. Prohibit and punish underage credits. What credit cards are not supplied to people with ability to pay. That interest rates are applied only on the unpaid average daily balance (unpaid: the current amount of debt, the balance not yet charged). The average daily balance unpaid is charged or is considered based on the average of different debts, which could become higher than when only one and keep the collection of this. That each statement has the time necessary for the client to settle the debt but only cover the minimum payment. Whether both passive and operations for active statements should provide information on the most important elements of the operation were: interest charged and paid, credit limits, fees, Total Annual Cost (CAT), balances and warnings that illustrate the users of the risks of paying late or monthly minimum payments.