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Connection to consumer credit counseling provided by Credit CARD Act, though laws also made lenders nervous
By Marvin Milner on Feb 11th, 2010
Though a volatile credit market may have caused some companies to cut back on credit card offers, there are signs that they are beginning to pick back up.
According to market research company Synovate, the number of credit card offers mailed to consumers during the fourth quarter of last year reached a total of 398.5 million, which is an increase of 46 percent over the previous quarter.
One issue lenders faced was uncertainty created by the Credit Card Accountability, Responsibility and Disclosure Act, which will limit card issuers' ability to change account terms. Synovate Financial Group's Anuj Shahani said that the rules came at a time when businesses and consumers were already nervous about the economy.
"The timing of this legislation is questionable as it has been thrown at us at a time when we, as a nation, are already experiencing financial difficulties and aren't in an ideal position to face additional headwinds," Shahani said.
However, other consumers may welcome the new regulations, which should help them when it comes to credit card debt. The Credit CARD Act will require lenders to include a toll-free number that will give consumers information connecting them with consumer credit counseling agencies, which can help them manage their debts.
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