A good number of long-awaited consumer protections outlined under the “Credit Card Accountability Responsibility and Disclosure Act of 2009,” the CARD Act, took effect February 22, 2010.
The CARD Act is the most significant consumer credit legislation since Congress passed the Truth in Lending Act (TILA) in 1968. It is, in fact, revising the original TILA. Clearpoint stresses that credit card need to understand the basics of how the new laws will affect how them.
“You can only benefit if you know your rights,” says Clearpoint credit counselor Bruce McClary, a “but reading all 33-pages of The CARD Act is too overwhelming for most.” To aid consumers in making sense of the new laws, we have highlighted a few key provisions and provided links for additional information
Limits on Fees/Interest
“Although these reforms favorable to consumers are going into effect, reading the fine print on credit card offers, agreements and updates is crucial,” warns McClary. “The wise use of credit is convenient, provides buyer protections and will help build a positive credit history,” he adds.
Now you know the basics of The CARD Act, but you might have more questions. If credit card debt remains an issue, consider speaking with a consumer credit counselor, such as those a Clearpoint, for a free financial review and recommendations. Get started by calling 800.750.2227 (CCCS) or starting with our online intake for credit counseling.
Clearpoint Credit Counseling Solutions is a member of the National Foundation for Credit Counseling (NFCC) and a system-wide accredited business with the Council of Better Business Bureaus.
Our program can offer lower interest and waived fees while helping you become debt-free.Learn More