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NerdWallet offers consumers a comparison of more than four hundred cards
By Edith Barlow on Aug 29th, 2010
Since the 2008 recession, Americans have been less eager to welcome credit card companies with open arms. The Credit Card Accountability, Responsibility and Disclosure Act that passed on August 22 is aimed toward providing Americans with more transparency and protection against issuers, but it has yet to give them the confidence to start borrowing again.
NerdWallet.com, a credit card consumer advocate site, has developed a new program to make consumers more comfortable with using credit, according to the New York Times. The site has launched a filter that allows visitors to compare over 400 different credit cards to determine which works best for their financial situation.
"We make an honest to goodness effort to list every credit card," NerdWallet founder Tim Chen told the Times. He says that by offering non-sponsored credit card comparison, consumers will have an unbiased look at how different companies match up.
Consumers already struggling with debt can consider consolidation before opening a new card. Combining debt and taking out a loan with a smaller interest rate can reduce monthly payments.
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