State alert: Consumers have new credit card rights
The Massachusetts Office of Consumer Affairs and Business Regulation issued a reminder to consumers that they will have new credit card rights under the federal Credit Card Accountability Responsibility and Disclosure Act.
The act requires banks to send credit card bills at least 21 days before they are due and give cardholders at least 45 days advance notice before raising interest rates, the office said.
“This is a good first step towards addressing some of the practices of the credit card industry that consumers have complained about and that have hit many of them so hard,” Barbara Anthony, Massachusetts Undersecretary of Consumer Affairs and Business Regulation, said in a statement.
To read an office press release that describes the new law, please click here.
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