Credit card reform.QA What is the credit card reform bill all about? How will it affect me? --E. Davis Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. A If you have a credit card, then you're well aware of the frustrations that can come with using it. Excessive fees and misleading terms are just two for starters. The goal of the Credit Cardholders' Bill of Rights, which was passed by the U.S. House of Representatives in September, is to protect cardholders by cracking cracking - cracker down on abuses within the industry and encouraging disclosure on the part of credit card companies. The bill is an attempt to amend the Truth in Lending Act The Truth in Lending Act is contained in Title I of the Consumer Credit Protection Act (15 U.S.C.A. § 1601 et seq.). The CCPA is designed to assure that every customer who needs Consumer Credit is given meaningful information concerning the cost of such credit. , which was designed to ensure fair practices by credit card companies. As of this writing, the Senate has not yet voted on the bill, so its fate remains uncertain. However, if it is passed by the Senate, several protections could work in your favor. Among the proposed changes, cardholders would be protected from arbitrary interest rate increases; card companies would be required to give their customers at least 45 days notice before an increase is made. Furthermore, credit card companies would be limited to charging a total of three over-the-limit fees, and it would be more difficult for them to offer subprime credit cards to people who cannot afford them. For more information about the bill or to keep track of its status, visit the Library of Congress Website (http://thomas.loc. gov). You can also log on to www.black enterprise.com for up-to-the-minute updates on the credit crunch Credit Crunch An economic condition whereby investment capital is difficult to obtain. Banks and investors become weary of lending funds to corporations thereby driving up the price of debt products for borrowers. . Mail your consumer affairs questions to Ask Your Advocate, BLACK ENTERPRISE 130 Fifth Ave AVE Avenue AVE Average AVE Alta Velocidad Espanola (train between Madrid and Seville) AVE Alta Velocidad Española (Spanish: High Speed Train) AVE Audio Video Entertainment AVE Advertising Value Equivalent ., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10011 or send an e-mail to askyouradvocate@blackenterprise.com |
|
||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion