Credit Cards Finance

The Mexican Senate approved late last year, measures to limit the bids and awards of certain types of credit cards. Such measures could serve as an example to other countries in the area. The U.S. president Barak Obama has already expressed its concern that the new regulation of credit cards in the United States is approved the next day May 25. The measure was approved unanimously in the Senate, with these initiatives is to protect users from financial institutions and certain practices described as a predatory by the 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 in which bidding credit card users.

The ban on cards approbations a credit without having been requested. That the credit limit be lifted only with the consent of customers. Prohibit and sanction loans to minors. Which 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 remainder not yet charged). The daily average unpaid balance is charged or is considered based on the average of different debts, which could become higher than when only one and to keep this collection. That each statement has the time needed for the customer debit settlement but only cover the minimum payment. Whether for operations both passive and active for the statements should provide information about the most important elements of the transaction to be: interest received and paid, credit limits, fees, the total annual cost (TAC) balances and warnings that illustrate to users the risks of paying late or making minimum payments.

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