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How the New Credit Card Law Affects You

scco-admin — Mon, 23 Aug 2010 10:26:20 +0000

Laws are created to protect people as well as their interest. Through laws, policies and even simple rules and regulations, we are able to recognize our rights and privileges. We gain a feeling of security especially because we know that the government looks after our welfare.

One of the best examples of rules created to protect the interest of consumers is the new Credit Card Act. What are the provisions of this federal law? How does it influence the lives of credit consumers? And how does it protect the welfare of credit cardholders? To know the answers to these questions, we encourage you to read the succeeding paragraphs of this short article.

What is the New Credit Card Act?

The New Credit Card Act, more formally known as the New Credit Card Accountability, Responsibility , and Disclosure (CARD) Act was implemented on August 20, 2009. This law gives credit cardholders the special privilege of declining drastic changes that card issuers intend to impose on their credit card programs. Why is this important?

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What is An Identity Theft Insurance Policy?

scco-admin — Fri, 16 Jul 2010 08:33:25 +0000

A report by the Federal Trade Commission reveals that in 2005, about 8.3 million people in the US have been victims of identity theft. Of the cases reported, about half resulted to about $500 in damages while 10% has caused $6,000 worth of damages. Apparently, along with the improvement of technology, cases of identity theft continue to increase more than ever. In fact, identity thieves have come up with new and more efficient tactics of stealing precious information from unsuspecting victims.

For instance, “skimming” or the use of a small “skimming device” to steal credit card information in just one swipe is now a common incident particularly in restaurants. When you hand over your credit card to the waiter, your credit card details can be instantly stolen from you without your slightest hint or knowledge.

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Credit Card Debt Tips to Avoid Bankruptcy

scco-admin — Thu, 27 May 2010 06:08:57 +0000

Many consumers today, more than ever, are struggling to make ends meet in the face of economic crisis. Unexpected job losses and lack of available employment add up to the burden. For credit card holders, they are confronted with increased interest rates and fees imposed by different issuers.

And although there had been changes made in the Credit CARD law which were meant to protect consumers from bad debt, cardholders must still face the fact that there is still no cap limit on credit cards with variable rates.

If you are a credit card holder struggling with debt, what can you do to avoid bankruptcy? Given the situation, how can you protect yourself from financial disaster?

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