Credit CARD Act of 2009

Credit CARD Act of 2009

No Credit Card? Get Some Credit Before it's Too Late

The Credit CARD Act of 2009, signed into law by President Obama on May 22nd, just cleared a major hurdle in its path to early adoption. As reported on CNNMoney.com last week, the House of Representatives overwhelmingly passed a new bill which would move the effective date for credit card reforms from February 2010 to December 1st. That's just under three weeks from today!

Don't Get Fooled: Opt Out of Opting In

Should you opt out, opt in, opt in to opting out, or opt out of opting in?

So many choices!  But when it comes to over-the-limit fees, there's only one answer in my mind— opting out.

One of the major provisions in the CARD Act of 2009 is that banks will no longer be able to charge over-the-limit fees unless customers choose to be allowed to make purchases in excess of their credit limits.  So, you will have the right to "opt out" of over-the-limit fees, which are often as high as $39, by simply telling your bank you would rather live within your credit limit.

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