Meltdown 101: Credit card reforms begin to kick in
By EILEEN AJ CONNELLY (AP) – 1 hour ago
NEW YORK — New rules meant to give credit card users more information and stop policies that many consider abusive are starting to take effect.
While the bulk of the Credit CARD Act — as in "credit card accountability, responsibility, and disclosure" — won't kick in until February, two provisions aimed at helping consumers understand their banks' practices become mandatory starting Thursday.
Once the rules are fully in place, credit card users will have an easier time figuring out the terms of their cards and will be able to refuse to pay higher interest rates and fees. In the meantime, however, some card companies are using the time lag to raise costs to consumers while they still can.
Asked by Anonymous at 5:26 PM on Aug. 19, 2009 in Politics & Current Events
If a Harvard contract law professor cannot understand a credit card agreement, how can an average person understand one?
Answer by rkoloms at 6:03 PM on Aug. 19, 2009
Credit Cards aren't mandatory. You can NOT have them, then it doesn't matter. Every crappy thing that credit card companies do is in the fine print, And if they are jacking up the prices and you don't like it, get rid of the card. done.
Answer by Anonymous at 5:40 PM on Aug. 19, 2009
Answer by itsmesteph11 at 6:16 PM on Aug. 19, 2009
Answer by Anonymous at 6:29 PM on Aug. 19, 2009
Answer by LoriKeet at 8:09 PM on Aug. 19, 2009
Answer by LiliM at 8:18 PM on Aug. 19, 2009
Answer by agentwanda at 9:23 PM on Aug. 19, 2009
Next question overall
(Just for Fun)
do you ever get discouraged about your own situations?