As available credit is shrinking due to tighter lending standards and an increase in credit requests from those looking for jobs, legislation has been passed to aide consumers. With the new credit card law going to effect in February 2010 consumers can expect transparent disclosures, the banning of some fees such as retroactive interest charges, and an added section on their statement detailing how long it will take to pay off their current balance if only the minimum amount is paid. Additionally, credit card companies will have to apply payments larger than the minimum to the balance with the highest interest rate and operate on a standardized payment schedule.

What the New Credit Card Law Means For You