The Federal Reserve Clarifies Rules to Project Credit Card Consumers
The Fed recently clarified its rules regarding credit card company promotional or “teaser” rates, requiring that card companies cannot increase a cardholder’s promotional interest rate unless and until the customer is at least 60 days delinquent on their payments.
These promo rates are used primarily as a marketing ploy to entice people to sign up for a credit card, and the deals offered can be really good for the consumer. But if the rate gets changed unexpectedly – before the promised expiration date – then the cardholder loses out on the benefit of the low intro rate.
U
Read the full post
Card Consumers, Consumers, Credit Card, Credit Card Consumers
Financial reform bill brings sweeping changes for consumers.
Consumers that have found themselves deeply in debt thanks to the recession are about to receive some help from the federal government.
Thanks to the new financial reform bill, which passed the Senate with a 60-39 vote and only awaits the signature of President Barack Obama to make it law, Americans are going to get more safety from the predatory practices of lenders in the form of a new body which will oversee these banks.
The Consumer Financial Protection Bureau, which will operate as part of the Federal Reserve System, will have unprecedented power to govern the rates and fees lenders issue on everything from credit cards to mortgages. Read the full post
Brings Sweeping, Brings Sweeping Changes, Consumers, Sweeping Changes