Low Interest Credit Cards

The Credit Card Act of 2009, passed by Congress and signed into law by President Obama in May 2009, has many consumer protections and provisions. The bill was slated to take effect in February 2010, but the House Financial Services Committee recently passed a bill to push the effective date to December 1, 2009. The bill’s sponsors, Carolyn Maloney D-NY and committee chairperson Barney Frank D-MA, wanted to move the effective date up to stop the banks that issue credit cards from squeezing the consumers with interest rate hikes and fees in anticipation of the new law.

Banks Concerned By Revised Timetable

Consumers have been struggling under difficult credit card rules, regulations and increasing rate hikes. B

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Tuesday night, PBS’s Frontline aired “The Card Game.” The documentary let loose a flurry of information about the credit card industry, and the CreditCards.com editorial team, along with some friends, were right there to absorb and comment on it during our first ever Twitter-periment.

Over the course of the one-hour show, which you can watch online here, about 170 tweets were broadcasted with the term #cardgame in them. That term, known as a hashtag, let us track people talking about the Frontline piece.

In total, there have been 213 tweets about the topic from 30 different participants since Nov. 23.

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Consumers are having their credit card accounts closed due to a lack of repayments.

Consumers in the UK who do not keep up with required payments on their credit cards or personal loans may see the accounts shut down, new research suggests.

Conducted by Confused.com, the report showed how credit card issuers cited a failure to make repayments as the reason for the closure of more than one-in-five accounts across the country.

However, people in Yorkshire may be having more trouble than most in meeting bill deadlines for plastic products, seeing 13 per cent more cases of credit card companies closing accounts when balances are not settled.


Joanne Garcia, head of credit cards at Confused.com, said: “Credit card users in all regions need to understand how damaging it can be to miss repayments. Read more…

Subscribe, rate, and comment Options for people in debt

As many people continue to struggle with credit carddebt, one organization is calling on the Federal Reserve to take further steps in order to protect consumers from what are seen as unfair practices.

The Consumers Union is encouraging the Fed to take measures to stop companies that provide credit cards from raising interest rates on accounts. Many credit card companies are raising rates in anticipation of new rules provided by the Credit Card Accountability, Responsibility and Disclosure Act, some of which take effect in February 2010.

Those rules would keep credit card companies from arbitrarily raising card rates on consumers. Read more…