Today on MyMoneyLife with Chuck Bentley

Have you noticed anything weird lately in your credit card statement?  Maybe some unusual fees or policy changes?

Well, in about a month, a whole batch of new regulations out of Washington will make it more difficult for credit card issuers to ding you.  But the industry is moving right now to recoup the expected loss in revenue.

Card issuers are charging new fees and changing their billing practices to make up for the difference.

According to CNNMoney.com, here’s what you can expect:

1. Low and “no” usage fees. At least one major bank will slap on a $19 fee if you don’t use your card for 12 months. Citigroup will charge you up to $90 if you don’t spend up to a certain amount.



2. New annual fees. Bank of America is leading the way with new annual fees on some cards, charging anywhere from $29 - $99.



3. Re-instatement fees. If you pay late, Citigroup will now charge you a “re-instatement fee” to keep from losing your reward points.

Also, beware of promotional offers for cards with low introductory rates that expire. If you accept a promotional card, make sure you pay off the balance before the low rate expires.

The bottom line is this: you’ve got to read carefully every piece of mail from your credit card company, because a lot of stuff gets buried in the fine print.

So my advice is to be very careful reading your statement. And as always, if you need help getting your finances under control, we’re here to help you.  Visit us online at Crown.org.

Dos and Don'ts of Credit Cards

The primary cause of financial problems for most families is the misuse and abuse of credit cards.

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Credit Card Interest and Fees

By the Fair Credit and Charge Card Disclosure Act of 1988 credit card issuers are required to provide applicants with detailed information.

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Using a Credit Card

There is nothing wrong with using credit cards if people are able to discipline their use by following some very simple guidelines.

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Rollover Method for Paying Off Credit Cards

There is a light at the end of the debt tunnel. By applying some simple principles, you can begin to pay off credit cards and become debt free.

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Other Resources:

• ABCs of Money Package
• Career Direct
• God's Principles for Operating a Business
• Business By the Book
• Crown Mvelopes