National Credit Card Act a Step in Right Direction, says CreditTime
Credittime, credit solutions to your financial needs says that National Credit Card Act is a step in right direction for credit companies.
Online, March 4, 2010 (Newswire.com) - February 28, 2010-New York, New York-- Since the inception of the newly approved and enacted Credit Card Accountability, Responsibility and Disclosure Act of 2009, many changes have occurred to protect the rights of the consumer. It has been clear in the last few years, credit card companies have been able to take advantage of consumers during hard economical times to make up for their own losses. Now, this act has been approved to help give the control back to consumers.
The Credit CARD Act, as it has been dubbed, eliminates double cycle billing, restricts the interest rate on preexisting credit card statement balances and requiring the consent of the customer before credit companies are allowed to charge over limit fees on statements. This has proven to be rather beneficial for many credit card users who have been trapped under the claws of credit companies.
Recently, we have seen the variable rate rise to 13.73 percent, 10 basis points up since last week. This is most likely due to the second round of new regulations set in place but the CARD act.
Numerous credit companies dropped "over the limit" fees while other institutions have also changed their ways. Chase Bank for example increased the grace period an additional day to 21 days. Credit Card companies like Discover and American Express have also shown their support of the new law to their clients by placing tutorials and other information on their website for their customers to learn more.
Brad Nifdom, Spokesperson for CreditTime says, "We are relieved that the government has finally placed restrictions on the limitless power of credit card institutions and that these institutions have responded positively to these changes. "
Consumers are finally able to recover their power from credit institutions and fight the cycle of debt that many consumers have fallen prey to. In the upcoming months, we will definitively see the results that this Credit Act has had on the country and consumers.
About CreditTime: Credit time is the leader in providing consumers the most up to date, well organized, and easy to use financial information available today. CreditTime helps customers take control of their money and their life. CreditTime's experts are comprised of many of the most important advisors in the areas of money, loans, credit, debt, and banking. CreditTime offers its visitors the most comprehensive and easy to understand financial information ever made available so customers can make sound financial decisions that can positively impact their lives.
Contact:
Jacob Andrews
CreditTime/Internet Marketing Exchange
108 West 13th Street
Wilmington, Delaware
19801
800-225-5263
http://www.credittime.com/in-the-news/national-credit-card-act-a-step-in-right-direction/