The credit cards reformation law is a hot topic in the legal market of US. People are gossiping and eagerly waiting for the new reform bill to pass. The bulk credit card holders of continental USA are waiting for a strict rule which will protect themselves from the deceptive and sometimes unfair practices followed by the collection agencies. According to a survey in US this year, it has been found that 12 major banks and credit card providers are following unfair policies and procedures in their business. However, no legal actions can be taken on them because there are no such laws in the US constitution.

The new awaited law will address the late fees or penalty charges which are imposed on the card holders. These late payments can sometimes go as high as the total amount outstanding on your credit card for a single late payment.

The Credit Card Accountability, Responsibility and Disclosure Act passed in the year 2009 will take a little more time to get effective in the US financial market. People are assuming that the rules might come into action by the month of February next year.

It is much eminent that the credit cards issued by the Credit Unions of the United States Of America are much less prone to these unfair practices and strategies. These cards are considered safe by the bulk card users and very fewer complaints have been noticed regarding them. The over limit fees, late fees, Penalty interests are much less in the cards issued by the credit Union.