CARD Act of 2009 Takes Effect Today
February 22nd, 2010
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. More »
Posted By: Joshua Heckathorn | Comments (0)No Credit Card? Get Some Credit Before it’s Too Late
November 11th, 2009
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! More »
Posted By: Joshua Heckathorn | Comments (0)Early Adoption of the Credit CARD Act?
October 1st, 2009
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.
In a press release issued by the House Financial Services Committee on 9/24, Maloney claimed that “credit card companies are taking advantage of this period between the signing of the bill and the current effective date.” There’s no doubt about that. As you may have experienced yourself, millions of consumers have been forced to deal with reduced credit limits and interest rate hikes averaging 20% ever since the bill was passed, and Maloney believes the “breadth and depth of the rate hikes happening now point to the need for faster consumer protections.” More »
Posted By: Elisabeth Chan | Comments (0)Should I Save or Should I Go?
August 25th, 2009
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. More »
Posted By: Spencer Edwards | Comments (1)Auto Loan Rejection: Great Credit, but Insufficient Credit Mix
August 9th, 2009A 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”. More »
Posted By: Joshua Heckathorn | Comments (2)
