As the economy is slowly begining to show a positive change with these new rules families no longer have to worry about hidden clauses. With the CARD Act taking effect in stages people have the chance to make a positive change to there credit card statice. The credit card changes include:
-Credit card ssuers can no longer randomely increase intrest rates and fees on existing balances
-Intrest cannotbe charged when debt is paied on time
-Issuers must get the signature of a parent or guardian when extending a card to a consumer under the age of 21
There are more rules to this and are taking efffect slowly since monday. Witht these new rules I bealive that people will have an eaiser time staying out of debt and having a positive ways with there oveer all credit score.
Monday, February 22, 2010
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3 comments:
yay finally! New credid cards that actually dont put anyone in debt. Its amazing what the world can finally do for people. I hope that this will stop many people from worrying financially.
When im at work i see thousands of people pull out there wallet and tons of cards are pured out. I have already promised myself that would not happen to me. I wonder what kind of debt they are in but hopefully this will change many things. I hope this will help imrpove our emconomic status because I believe credit cards are a bad idea.
I think thiss is great because since now these new credit cards won't put anyone in debt, that means that this will help the economy greatly because people won't have to borrow money from the banks and the banks won't also run out of money!
I agree that this looks like a great improvement for credit card users. I've heard so many storys about people piled in credit card debt (a lot of them teenagers to young adults)so hopefully this will help people out. But obviously people still need to be really careful when useing their credit cards to not overspend
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