03/23/2014

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Credit Cards The Mexican Senate approved measures to limit bids and grants of certain types of credit cards at the end of last year. These measures could serve as an example to other countries in the region. The Estados Unidos President Barak Obama has already expressed interest in the new regulation of the credit cards in the United States is approved on 25 May. The measure was approved unanimously in the Senate, with these initiatives it is protecting users of financial institutions and certain practices described as predatory by the banking entities. What passed the Senate? Customers shall be notified in advance of 30 days of any increase in the interest rates on credit cards. In this way users can assess if they continue or not with your credit cards. The restriction of the schedules in which offers of credit cards are made to users. The prohibition of credit cards pre-approved unless they have been requested. That single credit limit is high with the prior consent of customers. Prohibit and punish credits to minors. That credit cards are only delivered to persons with capacity to pay. That interest rates are applied only on balances average daily outstanding (outstanding: is the current amount of debt, the remnant still unsettled). The average daily outstanding balance is charged or is considered to be based on the average of different debts that could be greater than if kept one only and the recovery of this. Each statement have the period required for the client finiquite the debt although it covers only the minimum payment. Either both for passive operations as for the active, statements should provide information about the elements of greatest importance of the operation to be: interest charged and paid, credit, commissions, the Total annual cost (CAT), limits balances and warnings that illustrate to...