Credit Card Reform Act: Does This Actually Do Anything For Anybody
By Ashley Jones on September 2, 2010, 6:59 am Posted in Finance News2010 will go down in the history books of President Barack Obama’s first administration as the year that he signed the Credit Card Reform Act into law. For years, consumers complained that they had their backs to the wall when it came to negotiating with credit card companies and banks and credit companies were making money hand over fist. If there was anything or anyone that the 2010 Credit Card Reform Act done anything for it was no doubt the consumer.
High Interest Rates Addressed
The very first thing that the Reform Act done was lower interest rates. In the past, credit card companies had the ability to charge outrageous interest rates and then had the leverage to increase that rate on people who had a hard time paying their credit card payments. Credit cards had to be written off due to non payment and the amassed bad credit paid a toll on the companies. They say this contributed to the credit crisis. It did, but then again the credit card companies were still giving credit to anyone and everyone knowing that they had the option of the card being written off. Lower interest rates mean that cards will be paid off and not written off.
Fees Controlled (Somewhat)
The biggest thing about the Credit Card Reform Act that has helped consumers is that the credit card companies can no longer charge those outrageous fees. Now they have to keep the same due date each month and not change it because someone is late on their payment. Credit card companies can no longer charge fees for payments made online or over the telephone. The little outrageous fees that the credit card companies were profiting on are now eliminated.
Related posts:
- The Credit Card Reform Act Might Assist You In Your Financial Struggle
- Credit Card Reform: Consumer Makes Bank With New Restrictions
- Credit Card Reform Act: 5 Positive Aspects For Americans
- Credit Card Reform Act: Who Benefits From All This
- Secured Credit Cards: Using Them To Raise Your Credit Score
