Credit CARD Act of 2009
May 21, 2009 by
Filed under News
Congress passes credit card reforms
Congress has passed a credit card reform bill, called the Credit CARD Act of 2009. This bill is meant to protect American consumers from credit card issuer practices that seem unfair. Some of the changes to credit card regulations that will take effect in February 2010 include:
- 45 days notice required to change any terms of the agreement.
- Students under 21 cannot get a credit card without a co-signer unless they can prove they have their own income.
- Customers must "opt in" in order to be charged on a credit card that has reached its limit.
- No more universal default.
It will be interesting going forward to see how credit card companies and consumers react to this legislation, as well as whether or not it will have an effect on the economy.
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