Creditnet News Story
Website for Consumer Protection Week highlights Credit CARD Act
Wednesday, March 10, 2010
By Linda McCarthy
Consumers are being encouraged to educate themselves about their finances, including their credit card accounts.
With new rules regulating credit cards, and the fees put forward as a response from lenders, some consumers may wonder where they can go to get more information.
Some people may be able to find answers at a website dedicated to National Consumer Protection Week, which is currently being celebrated. The purpose of the week is to get consumers to educate themselves about things like credit card offers and bank accounts.
The website (www.consumer.gov/ncpw) has a number of blogs that give advice about things like credit. It also has an overview of the Credit Card Accountability, Responsibility and Disclosure Act, the second part of which took effect February 22.
Prior to that date, many card companies took to changing interest rates while they still could. Through the new rules, card companies cannot arbitrarily increase interest rates.
Other lenders added fees to card accounts which, along with increases in interest rates, may have been included in order to make up for the perceived declining profits they would sustain through the new card rules.
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