In recent weeks, I have discussed the glut of new guidelines and their effect on the consumer’s mortgage application.  I have also discussed some of the adverse effects that credit cards and their rule changes have had on the consumer’s flexibility in obtaining a mortgage.  Well… there are a few new changes that are coming that actually might benefit the consumer and there’s actually been a bit of advance notice, for once.

There will be some key changes that you can look forward to from your credit card company and they will be enacted on February 22, 2010.

Two of the biggest changes to expect are:

• You must be notified within 45 days prior to any increase in interest rate.
• There must be some form of disclosure as to how long it will take you to pay off your balance, given certain payments made.

There will be more changes occurring in August of 2010… I’ll go into those in the future.

If you’d like to read more about some of the changes coming on February 22, please click here.  This will lead you to the website for the Federal Reserve Board of Governors.

Have a great day!