However, a new website provided by the Federal Reserve Board may help give people some insight as to what they can expect through the new rules, which were designed to help protect consumers from the actions of credit card companies.
Through www.federalreserve.gov/creditcard, the Fed presents an outline of some of the main features of the Credit CARD Act. Furthermore, it also gives basic information about credit card debt accounts, including the kinds of options, rates and fees that may come with them.
“These online tools and resources will help consumers make well-informed decisions about their use of credit,” said Fed governor Elizabeth Duke. “We will update the site regularly to provide the most useful and current information.”
Some of the stipulations from the Credit CARD Act took effect February 22. Among those is the fact that people under 21 need to get a co-signer in order to get a card, or need to prove they have the income to support an account.
Also, card companies will have to provide new information on credit card statements, including how long it would take for a person to pay off their debt if they only made minimum payments.
Along with current accounts, the Credit CARD Act will change the way lenders do business regarding whether they offer a person a credit card debt account. Now card companies will have to consider a consumer’s ability to pay before issuing an account or increasing credit limits.
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