It’s been a long nine months since the CARD Act was signed into law, but the wait is finally over. Today is the day! The Credit Card Accountability and Disclosure Act of 2009 is now officially in effect.
Unfortunately, there’s nothing really new and exciting to talk about. Everyone, including myself, has beaten this topic to death for almost a year now. However, I just couldn’t let the day pass by without at least mentioning the significance of the new rules taking effect. Read the rest of this entry »
Author: Joshua Heckathorn, Date posted: February 22nd, 2010
Category: Credit Cards, Credit Crisis, Credit News
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! Read the rest of this entry »
Author: Joshua Heckathorn, Date posted: November 11th, 2009
Category: Credit Cards, Credit Crisis, Credit News, Credit Scores
Barney Frank, Chair of the House Financial Services Committee, and Rep. Carolyn Maloney (D-NY) are tired of waiting for their new bill to take effect. In fact, last week they announced new legislation that would move the effective date for the remaining provisions of the Credit CARD Act from next February to Dec. 1, 2009 – exactly two months from today.
Read the rest of this entry »
Author: Elisabeth Chan, Date posted: October 1st, 2009
Category: Credit Crisis, Credit News
The US personal savings rate has been in the news a lot recently because Americans seem to be saving more than ever. According to the Bureau of Economic Analysis, the personal savings rate reached a 15-year high in May at 6.9%. This means that for every dollar an American earns, he or she is putting a whopping $0.069 in the bank for a rainy day. Read the rest of this entry »
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Author: Spencer Edwards, Date posted: August 25th, 2009
Category: Credit Crisis
A friend of mine from Southern California (let’s call him Alex) recently left me a voicemail claiming to have a few questions about credit. When I caught up with Alex a few days later, he was quite upset because he had just been rejected for an auto loan from the national bank he’s frequented for years.
He had his heart set on purchasing this car, and he just couldn’t figure out why the bank would decline his loan. He even tried a different bank where he had some family connections; however, the result was the same – declined due to “insufficient credit mix”. Read the rest of this entry »
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Author: Joshua Heckathorn, Date posted: August 9th, 2009
Category: Credit Crisis, Credit Scores
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