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US credit card law changes

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US credit card law changes

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A new credit card law came into effect in the US on Monday.

It restricts the way that issuing card companies can charge fees and raise their interest rates.

They have also had to dump confusing small print and spell out in plain language how long it will take to pay back the money that has been borrowed.

It has been estimated the changes will cost the companies about nine billion euros in lost earnings this year.