December 8th, 2011 The Consumer Financial Protection Bureau (CFPB) wants the public to weigh in on the prototype that, if approved, would be optional for issuers. Instead of an average 5,000 words in disclosures, this form averages 1,000 and the information is broken down into costs, changes and additional information. Fees and interest rates are displayed prominently, upfront [...]
October 18th, 2011 By John Ulzheimer The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 requires that people under 21 have a co-signer or a job in order to open a credit card. Further, the same law requires lenders to confirm an applicant’s capacity to pay their debt for any other loan. This has thrust the prospect [...]
August 23rd, 2011 Parents across the country are having the talk with their young adult as he or she heads out the door to college. This year, however, the talk isn’t about sex, drugs, and rock and roll. Instead, it’s about whether or not the student should apply for a credit card. The recently passed CARD Act requires a [...]
June 6th, 2011 If you received a credit card bill in the mail this month, you already have what you need to take the first step toward financial freedom. Every month tens of millions of credit card statements are mailed to consumers. As a result of the Credit Card Accountability Responsibility and Disclosure Act, commonly known as the [...]
June 1st, 2011 I believe one of my greatest attributes is that I’m a realist. And, as a realist I know you are going to use plastic to make purchases, and that’s perfectly fine as long as you don’t let the plastic ruin your life. But before you decide on the type of plastic to use consider the [...]
April 18th, 2011 Because of the CARD Act, creditors must print on credit card statement the amount of time to pay off the card’s balance (and interest paid) if you just made minimum payment required. I’ve spoken with many consumers and I can tell you that a lot of people think the information is a misprint. How can [...]
February 23rd, 2011 The new Consumer Financial Protection Bureau has released a study on how the CARD is being implemented and how creditors are responding. Take a look: http://www.washingtonpost.com/wp-dyn/content/article/2011/02/22/AR2011022205985.html
January 31st, 2011 On May 22, 2009 President Obama signed the Credit Card Accountability, Responsibility, and Disclosure Act of 2009. This new law, better known as the CARD Act, was implemented throughout 2009 and 2010. The purpose of the Act, as is common of many laws, is to protect consumers from deceptive practices and actions of the credit [...]