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Credit Card Act To Bring Changes - Good and Bad

Channel 3000.com has a good summary of the changes consumers can expect under the new Credit Card Act of 2009.

The Good: "It's not going to be quite as easy to get into trouble as it has been in the past," says Michael Johnson, finance instructor at Madison Area Technical College.

The Bad: "Those low, promotional rates -- like zero-percent interest -- are going to be a lot harder to find, even for those with good credit. Experts also say that it's likely that annual fees, which most credit card company have strayed from, will be making a comeback."

Comments

Consumers need to be protected from those unscrupulous credit card companies that prey upon helpless people. The Credit Card Act of 2009 is a good start, but monitoring and enforcement must go hand in hand for there to be any positive effect on the welfare of consumers.

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