Re: myFICO Insider's Guide to 2010 credit card reform and new FHA mortgage rules
02-12-2010 08:50 AM
Thank you, Barry!
This is a very handy guide to the upcoming changes. Beats the heck out of reading through a lot of legalese!
I've got a question on one portion of the new law, though. With the payment date having to stay the same day each month, wouldn't that mean that the banks would likely change the statement date every month, to avoid giving up even 1 cent in potential interest income?
If true, that makes it a little tougher for those of us who don't like balances reporting...especially if the lender doesn't disclose the statement date in advance.
Any insights on this?