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CARD Act only benefiting educated consumers
By Angela Hawke on Sep 8th, 2010
The Credit Card Accountability, Responsibility and Disclosure Act took two years to completely go into effect, but now that the last leg of the legislation has passed, consumers have been given more protection from credit card companies. The laws have eliminated hidden fees and penalties for card holders, making it easier to avoid debt. However, financial analysts say unless consumers adopt a sense of responsibility, they may not be out of the woods just yet.
The Dallas Star-Telegram reports consumers will continue to fall into debt due to rising interest rates unless they manage their lines of credit more effectively. The CARD Act requires issuers to send out correspondence 45 days before any alterations to rates or fees are made; however, many Americans tend to discard these informational letters as they would junk mail.
Consumers struggling with existing debt could consider counseling to get a better grasp on their finances. Credit counseling with an expert can help card holders create a repayment plan to lower their monthly bills and adopt more efficient spending habits.
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