credit CARD act??
- Thread starter getbent
- Start date
ProfMoneyWise
Member
http://www.creditcardreform.org/pdf/final-CC-summary-8-09.pdf
Nice fact sheet can be found at the link above. This has been in the works for awhile and warnings have been posted to be sure and read your credit card mail. Ignoring a notice to change a card to a variable rate hurts the card holder.
Nice fact sheet can be found at the link above. This has been in the works for awhile and warnings have been posted to be sure and read your credit card mail. Ignoring a notice to change a card to a variable rate hurts the card holder.
getbent
Thats how them b*tch's R
thanks for the link. it was a little easier to understand then some other website i was at. my mil saw something on the news about this and asked if I saw it (I didn't). I really hope my cards do not switch to a variable rate. Is there something protecting the consumer if you have a balance on the card, make the payments but do not charge on the card?
Chasey_Lane
Salt Life
Pay it off now. :shrug:
Beta84
They're out to get us
exactly!
ProfMoneyWise
Member
If you mean are you protected from a change to a variable rate the answer is you are your own protection. If not sure find out what terms are on your card at present (on-line, your recent statement, or call them). Ever since this bill has been signed the lenders have been sending out notices to the debtors and changing the terms of the deal. They have been disguising these notices to where you just shred it as another piece of junk mail.
(And a cross-cut shredder is a must for every house by the way and if in doubt . . . shred it. ID theft is real and can happen to you in the most innocent ways. Shred everything)
In these notices card holders have been given the option to opt-out of the change but it required an action on the part of the card holder. The disguise was designed so that the card holder did not do their part and the change was made.
Part of the opt-out would be a cancellation of the ability to charge more on the account and you can continue to make payments at your old rate.
As always the best protection out there is provided by each individual because no one is going to care about you more than you.
And yes, they can change the deal whenever they want to change the deal. It is in all that fine print that many of us ignored when we got the card.
getbent
Thats how them b*tch's R
I wish!!! Totally not possible.
ProfMoneyWise
Member
credit-new-fees-escape-card-act-rules-surprise-consumers: Personal Finance News from Yahoo! Finance
I was asked this week if I thought the Credit Card companies would go down fighting. I answered, "they won't go down at all. They are already playing a new game while many are trying to beat them at the old one."
Some of the best money you will make (or not lose) will be by reading the fine print in everything you do, everything you receive, everything you put your name on and agree to. Yes, I mean read it in full and if you don't understand it, don't agree to it.
I was asked this week if I thought the Credit Card companies would go down fighting. I answered, "they won't go down at all. They are already playing a new game while many are trying to beat them at the old one."
Some of the best money you will make (or not lose) will be by reading the fine print in everything you do, everything you receive, everything you put your name on and agree to. Yes, I mean read it in full and if you don't understand it, don't agree to it.