Low Interest Credit Cards

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The Credit CARD Act of 2009, signed into law by President Obama on May 22nd, just cleared a major hurdle in its path to early adoption.

As reported on CNNMoney.com last week, the House of Representatives overwhelmingly passed a new bill which would move the effective date for credit card reforms from February 2010 to December 1st. That’s just under three weeks from today!

The bill still needs to make its way through the Senate before it gets to Obama’s desk, but I think there’s a good chance legislators will be able to push this through just in time for the holidays. And while the CARD Act certainly brings with it some much needed consumer protections, there’s reason for young adults to pay special attention to how the new rules could affect their future access to credit.

If you’re under 21 and have no credit history, you may just get hung out to dry. Here’s wh

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There is absolutely no question that banks and credit card issuers are rushing to increase interest rates and fees ahead of credit card reform legislation taking full effect.

They are scrambling to find new sources of revenue to replace the ones that have served them so well but will now no longer be allowed by law. I am speaking, of course, about arbitrarily raising interest rates on people that currently carry balances.

Many people have grown quite angry with their respective credit card issuers, and understandably so. It has left many cardholders to ponder whether or not it would be a good idea to cut up their credit cards and use debit cards in their place.

After all, a debit card with a Visa or MasterCard logo will be accepted anywhere that a credit card is.

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