CARD Act…
This is a quick post about a finance related item from this week.
On Monday, the Credit Card Accountability, Responsibility and Disclosure (CARD) Act went into effect. What does that mean for you?
Well, it can mean good things, as described by the New York Times – more due date lead time, longer warning before changes, rate increase grace periods, and restrictions on those under 21 getting cards, just to name a few.
Unfortunately with the good comes the bad: increased fees (especially ones not covered in the CARD Act), difficulty for even responsible 18-20 year olds to get a card without a parent co-signer, and cuts to rewards programs. Additionally, credit card companies have be jacking rates up over the past few months before the CARD Act became effective.
Personal finance can be daunting, but arming yourself with a little knowledge can go a long way.
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