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Website launched by Fed to help with Credit CARD Act
By Marvin Milner on Feb 20th, 2010
New regulations for credit card debt are coming, and the Federal Reserve Board is trying to do its part to help consumers understand them.
The Fed recently announced it launched a new website designed to educate consumers about the Credit Card Accountability, Responsibility and Disclosure Act, the second part of which takes effect on February 22.
Through the site - www.federalreserve.gove/creditcard - consumer will find a summary of the Credit CARD Act, in addition to interactive features. Elizabeth Duke, governor of the Fed, said the site will be updated regularly.
Along with the Credit CARD Act, the site will illustrate some of the common problems that consumers may face when it comes to credit card, including interest rates and fees. Furthermore, the site will feature a glossary, which may help consumer understand credit terms a bit better.
Though the effort from the Fed may help some, as will the new regulations, some consumers may be so deep in debt they don't know what to do. One option may be a debt management plan, which could help cut down on the amount of interest a consumer pays.
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