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Tag Archives: CARD Act

Is Getting Out of DebtOne of Your Resolutions This Year?

By Sara Gilbert With the new year upon us this might be a great time to figure out how to worry less about your finances.  Maybe one of your resolutions this year is to make a plan to pay off your credit card or other debts. According to the Federal Reserve Bank of Boston, 56% of consumers carried an unpaid credit card balance in the last twelve months.  Becoming debt free …Read More

CFPB Proposes Two-Page Credit Card Agreement

The Consumer Financial Protection Bureau (CFPB) wants the public to weigh in on the prototype that, if approved, would be optional for issuers. Instead of an average 5,000 words in disclosures, this form averages 1,000 and the information is broken down into costs, changes and additional information. Fees and interest rates are displayed prominently, upfront and in bigger type. A separate set of definitions would be available online or in …Read More

The Dangers of Co-signing Credit Applications

By John Ulzheimer The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 requires that people under 21 have a co-signer or a job in order to open a credit card.  Further, the same law requires lenders to confirm an applicant’s capacity to pay their debt for any other loan.  This has thrust the prospect of co-signing for loans (or asking for someone to co-sign for you) into a new …Read More

Is A Credit Card A Must For College Students?

Parents across the country are having the talk with their young adult as he or she heads out the door to college. This year, however, the talk isn’t about sex, drugs, and rock and roll. Instead, it’s about whether or not the student should apply for a credit card. The recently passed CARD Act requires a person less than 21 years of age to either document their ability to repay the …Read More

NFCC’s Card Act National Locator Line Connects Consumers to In-Person Counseling Assistance

If you received a credit card bill in the mail this month, you already have what you need to take the first step toward financial freedom. Every month tens of millions of credit card statements are mailed to consumers. As a result of the Credit Card Accountability Responsibility and Disclosure Act, commonly known as the CARD Act, every statement is required to display a toll-free number directing consumers to nonprofit …Read More

If You Do Choose to Use Cards, Choose Wisely

I believe one of my greatest attributes is that I’m a realist. And, as a realist I know you are going to use plastic to make purchases, and that’s perfectly fine as long as you don’t let the plastic ruin your life. But before you decide on the type of plastic to use consider the following pros and cons of each. Retail Store Cards – These are cards issued in …Read More