Creditors Consider Raising Annual Fees

Although President Barack Obama recently signed a bill geared toward establishing fairer practices by credit agencies, it is not stopping many credit card companies from raising interest rates or incorporating annual fees before the law goes into effect in February, 2010.

New Credit Card Laws Favor Consumers

On May 22, President Obama officially signed the CARD Act and the new regulations will take effect in February 2010. This set of laws is a major milestone for the credit card industry and may be instrumental in ending deceptive practices that affect consumers.

C.A.R.D. Act Benefits Consumers pt2

Other Credit Card Reforms Needed
Various consumer groups such as the National Consumer Law Center (NCLC) and Demos (www.demos.org) applaud the recent proposal of the C.A.R.D. Act. Below are a few other reforms that Congress is considering to put in the proposal as a result of input from consumers and advocacy groups.
 
Eliminate aggressive lending to young [...]

C.A.R.D. Act Benefits Consumers pt 1

At this point, you may realize how burdensome credit card debt can affect your finances. According to a 2007 survey conducted by Cardweb.com, the average credit card debt load is nearly $9,900. Based on an online poll of slightly more than 55,000 consumers, 61% said they carry over debt each month on their credit cards and an astonishing 13% of the same group said they carry total credit card balances in excess of $25,000.