Yesterday, President Obama signed into law new legislation reforming credit card regulations. Included in the Credit Card Accountability, Responsibility, and Disclosure Act are terms to make credit less accessible to college students, restrictions on interest rate hikes on existing balances, gift card protections, and enhanced disclosures (e.g. issuers are required to disclose the period of time and total interest it will take to pay off the card balance if only minimum monthly payments are made).
Here is the White House blog post covering the credit card reform including a YouTube video and transcript of Obama’s speech. Here is a great summary of the changes by the Consumer Union (publisher of Consumer Reports).
I hope everyone has a great Memorial Day weekend!
2 responses so far ↓
1 Howie // May 27, 2009 at 11:11 am
I was just googling around about this when I discovered your blog post. I’m simply visiting to say that I definitely enjoyed seeing this post, it’s really well written. Are you going to post more about this? It appears like there’s more material here for more posts.
2 Mya // May 28, 2009 at 4:18 pm
Thanks for writing, I truly liked reading your most recent post. I think you should post more often, you clearly have talent for blogging!
Leave a Comment