Know the New Credit Card Rules
If you’re like me, you probably rely on credit cards to some degree to plug gaps in cash flow between paychecks. Most Americans are in the same boat. US banks have been taking advantage of Americans’ reliance on credit though downright usurious and predatory practices designed to juice as much money as they can from their customers through sneaky fees and unrealistic rules. Finally, Congress took some legislative steps to rein in the worst of these abuses and passed the the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009. It takes effect on February 22, 2010. As you might expect, the credit card companies have been finding new and creative ways to sidestep these restrictions on their ability to rape their customers. Read this article at DailyFinance.com to acquaint yourself with the new rules and to learn how to avoid the banksters’ new methods for fleecing you. Also, as I wrote about in an earlier post, consider moving your credit accounts away from Wall Street companies and into local, community banks and credit unions. Visit www.moveyourmoney.info for more info on how and why to do this.
2 Responses to “Know the New Credit Card Rules”
The issue is not so cut and dried. After all, once someone is in major debt, they do not have the funds to pay off the credit cards held by banks and remain at their mercy. Changing banks only helps if one has the money to do it. It would have been a lot better for those without money to have had the credit card new laws be retroactive so that the banks couldn’t pull the stuff they have pulled by raising rates and changing terms in advance of the new legislation. It leaves so many people in worse shape than before.
With the economy the way it is, you would think the banks would be more understanding, it is a shame the banks were allowed to just raise the intrest rates on their members. There is not a whole lot a consumer can do, I was told if I didn’t agree with the new intrest rate that I would have to pay off my credit card in full and turn in my card. If you don’t have the money to just pay it off, you are at their mercy. I hope the new law benefits the people , and not makes things worse.