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CARD Act

Credit Cards Can Be Friend or Foe
to College Students

 By Gail Cunningham While parent’s mail boxes are filling with credit card bills from summer vacations and back-to-school shopping, their college-aged child is likely receiving offers for credit cards of their own. Due to the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (CARD Act), young adults under the age of 21 applying for credit now must demonstrate the ability to pay or have a co-signer in order to …Read More

CFPB Proposes Two-Page Credit Card Agreement

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 and in bigger type. A separate set of definitions would be available online or in …Read More

The Dangers of Co-signing Credit Applications

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 of co-signing for loans (or asking for someone to co-sign for you) into a new …Read More

Is A Credit Card A Must For College Students?

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 person less than 21 years of age to either document their ability to repay the …Read More

NFCC’s Card Act National Locator Line Connects Consumers to In-Person Counseling Assistance

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 CARD Act, every statement is required to display a toll-free number directing consumers to nonprofit …Read More

If You Do Choose to Use Cards, Choose Wisely

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 following pros and cons of each. Retail Store Cards – These are cards issued in …Read More

The New Rules for Your Credit, Debit, ATM and Gift Cards

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 card industry.  The purpose of this piece is to provide an overview of the CARD …Read More