Sunday, September 27, 2009

Credit Card Reforms

Credit Card reforms

Credit Card News- Safeguarding Consumers From The Credit Card Predators

Credit Card Reforms- Credit Card Act To Protect Consumers

The Credit CARD Act went into effect August 20th of 2009. These reforms are supposed to protect consumers from dangers such as unreasonable agreements and over-the-top credit card fees. From now on, companies will be required to keep the consumer aware of deadlines. Also, companies will let consumers know beforehand of options that may or may not have been concealed before the passing of this act. One such option is that consumers are entitled to cancel the card before rate hikes go into effect.

Previously, most companies would fail to let the consumer know this. Now they have no choice. Also, if the credit company were to make any major changes in the interest rate or other aspects of the arrangement, the consumer must be informed, in writing, forty-five days before the change is to come into effect. These are necessary protections. Another rule implemented by the new act states that credit card companies must send statements of the due date to consumers at least twenty-one days before the actual deadline of pay.

Furthermore, there will be more provisions to take effect in February of 2010. These provisions will include bans on introducing rate hikes on existing balances and also put a stop to double-cycle billing. Proponents of this act declare that this will help to keep consumers as free from debt as possible in the future.

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