Credit Card Act of 2009
Filed under: Blog Entries, Business, Family, Our Rights, Personal Finance, Society & Culture
Today is the day the new rules for banks issuing credit cards to consumers take affect. Since the initial signing of the bill I’ve had the interest rate for two cards jump to 29.99% and a business card canceled because I didn’t use it enough. It doesn’t matter how good your credit score is anymore, which proves that no matter what their commercial says, your welfare is the last thing on their minds.
I’m no personal finance coach, so I thought I’d share an article I read by personal finance columnist Michelle Singletary regarding some of the loopholes in the credit card law. There’s also a fact sheet about the Credit Card Act on the White House Website. The best thing to do and my personal goal is to pay off all the credit cards. But if you’re not in a position to do it, know the law so they won’t take advantage of you.
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