Credit CARD Act of 2009
Okay, effective tomorrow the balance of the rules go into effect. If you did not know, the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 was signed into law 9 months ago and comes into effect tomorrow, Monday, February 22, 2010.
If you do not know what the hell I am referring to, just head on over to Wikipedia or other source. If you do not care, no problem. I just wanted to remind those that are in the know of the effective date. Think of it as another public service announcement.
The new law attempts to protect consumers from bullshit credit card practices, but fails in many ways. Better than "nothing". Anyway, if you are an existing credit card holder or plan to apply for a new card take a minute to review the changes.
Credit CARD Act of 2009 (Core Elements):
- Bans Unfair Rate Increases
- Prevents Unfair Fee Traps
- Plain Sight/Plain Language Disclosure
- Accountability
- Protections for Students and Young People
February 22nd, 2010 - 09:33
thanks