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Credit CARD Act Helps Consumers Avoid Debt

Posted by Meredith Dwyer on March 18 2011 @ 11:05 am

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The Credit CARD Act's regulations has benefited credit card holders. The Credit Card Accountability, Responsibility and Disclosure Act of 2009 has put stringent regulations on credit card companies, aimed to help those that are either trying to avoid debt, or prevent young people who are likely to get into a bad spot from doing so.

The act prevents card companies from offering their products within 1,000 feet of a college or university. These companies, which use freebies to draw young adults in, are no longer able to be in such a public area to get their word out, Investopedia reported. The new legislation also prevents those under 21 from getting a card without having an adult co-sign or providing evidence they can pay their bills on their own.

Card companies are no longer able to raise interest rates without giving 45 days' notice, cannot change due dates and also are not allowed to use double-cycle billing.

The news source also said that the credit card company cannot decide to make due dates at odd times of day on due dates. Previously, this would be difficult for those making payments, as they could have a deadline in the middle of the day, but could not get their funds to pay it off in time.

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