Tomorrow, the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 goes live. According to the White House Blog, “The law bans unfair rate increases, prevents unfair fee traps, requires plain language in plain sight for disclosures, increases accountability all around, and institutes protections for students and young people just for starters.”
If you have a credit card, you may have noticed some new information on your statement. This information is just part of the credit reform act. In addition to your minimum payment, you will now see how long it will take you to pay off the credit card only paying the minimum payment every month (think 25+ years). There will also be a second figure showing how an increased and regular monthly payment will allow you to pay off your card much more quickly (think 3 years).
The credit card reform can be a bit confusing and to help alleviate this confusion, the White House Council of Economic Advisors is hosting a live video discussion tomorrow. The chat will be hosted on the CreditCards.com website at 2:00 pm ET.
If this video chat follows others that the White House participates in, a video archive of the chat will likely be available as early as tomorrow evening. I will keep an eye out for it and post it here at Six Figures and Broke as soon as I see it.
If you enjoyed this post, make sure you subscribe to my RSS feed!Related posts:
{ 1 trackback }
{ 0 comments… add one now }