Credit card holders can circle February 22 on their calendar as the day when new consumer protections laid out in the Credit Card Accountability Responsibility and Disclosure Act of 2009 kick in. The Better Business Bureau of Southern Arizona explains what these new consumer protections mean to cardholders across the U.S.
The U.S. Census Bureau predicts that in 2010, the number of U.S. credit card holders will grow to 181 million. Unfortunately, almost 75 percent of cardholders admit to not reading the terms and conditions of their credit cards, according to a CreditCards.com survey. The BBB recommends that all card holders familiarize themselves with the fine print and review the new provisions set out by the Credit CARD Act of 2009.
“Credit card debt can mount when times are tight and consumers need to take the time to understand the fine print of their credit card agreements and the different fees and penalties that can chisel away at the family finances,” said Kim States, BBB President. “While the new CARD Act provides more consumer protections, card holders still need to keep an eye on changes to their accounts and respond quickly if they aren’t satisfied.”
The following are just a few of the new credit card regulations and consumer protections as a result of the Credit CARD Act: (more…)