Boon's Basement

The Credit CARD Act 2009

// July 17th, 2009 // News, Politics

-Pic by Nora Dunn at www.wisebread.com

I was reading an article about the Credit Card Act 2009 online and I thought about rehashing what the government has already published on the white house website here. Introduced by Rep. Carolyn Maloney [D-NY14] and signed by President Obama on May 22, 2009, the CARD Act of 2009 brings about the issue of long term credit card reform. Among the issues pressed by the act are:

• strong and reliable protections for consumers.
• forms and statements from Credit card companies must be in plain language and in plain sight (full disclosure prior to signing up)
• Consumers can shop and choose their credit cars without being taken advantage of by the credit card companies
• Credit card companies who are found to deceive and cheat consumers in any forms of abuse shall be held accountable

And the main elements of the act, as reported by the White House, are:

• Bans Unfair Rate Increases
• Prevents Unfair Fee Traps
• Plain Sight /Plain Language Disclosures
• Accountability
• Protections for Students and Young People

There is a good article at www.personaldividends.com that talks about how the Card Act 2009 will affect you. Read it here.

-Boon