Financial Answers "IN SIMPLE LANGUAGE"

Here’s the moment we have all be waiting for. Drum roll please…H.R. 627.  The new credit card law, called the “Credit Card Accountability Responsibility and Disclosure Act of 2009” or the “Credit Card Act of 2009”, is taking affect on February 22, 2010.

Anyone with a credit card, which is probably most people, are hoping for the new law to help improve their lives by giving you more flexibility in interest rates, payments, and the way you are treated by credit card companies.

There is a lot of information on the internet about the new law.  The problem is like every new law; it is interpreted differently by different people.  Since I did not want to add to the confusion, I went to the source, the government site listing the credit card law, and printed it out and read it.

After getting a headache and eye strain from trying to decipher what the lawyers had written, I felt it was better if I didn’t try to interpret the new Credit Card Act of 2009 but rather give you a brief idea of what was in it.  So here goes!

This is a partial list of the titles and sections that comprise the new Credit Card Act of 2009.  It starts off with TITLE I – CONSUMER PROTECTION and lists Section 101 as “Protection of credit cardholders”.  This, I feel is a good start because credit cardholders have not had much protection from the likes of the predatory lending practices of some of the credit card issuers.  Let’s hope that this will help to prevent or minimize those practices.

TITLE II – ENHANCED CONSUMER DISCLOSURES begins with Section 201 which is “Payoff timing disclosures”.  Hopefully this will help to clarify the mystery that most credit card companies had in their “fine” print information disclosures that only a Harvard lawyer could understand.  And even then I am not so sure.  Maybe this new section will help you and me to better understand what the credit card companies are talking about regarding paying off credit card balances.  Time will tell.

Where Can I get More Information?

If you would really like to find out more information on the new “Credit Card Act of 2009” and how it may affect your situation than here are three links that will be a good start for you.  Remember there is a ton of information out there so you will need to do your homework.  Here are the links:

• www.creditcardactof2009.org – an overview of the act.
•  http://files.ots.treas.gov/25308.pdf – a short government summary.
•  http://en.wikipedia.org/wiki/credit_card_act_2009 – general information on the act.

These three sites should give you a good overview of what the new Credit Card Act of 2009 is all about and how it can help you to better understand what choices you now have.  Good luck with your credit card situation.

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