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Fed posts credit card debt agreements on website
By Edith Barlow on May 26th, 2010
Recent increases in rates and fees may cause consumers to look for a new source of credit card debt, and the Federal Reserve Board recent took an action that may make that process easier.
The Fed announced it has made credit card agreements available at a website so that consumers can compare offers made by companies. More than 300 credit card companies are represented at www.federalreserve.gov/creditcardagreements.
"The agreements contain general credit terms and conditions along with pricing and fee information," the Fed said.
The central bank said that not every credit card agreement is represented on the website. Issues that have less than 10,000 open accounts were not required to present the terms for their products to be posted on the site.
New rules from the Credit Card Accountability, Responsibility and Disclosure Act also require that companies post their agreements on their websites. In anticipation of the Credit CARD Act, some companies may have increased rates on consumers while they were still allowed to do so.
Consumers dealing with this issue may consider debt consolidation, which can lower the amount of interest they end up paying on their accounts.
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