The Credit CARD (Card Accountability, Responsibility and Disclosure) Act went into effect two years ago. This is a great act to protect consumers and their dealings with credit card companies. The following article provides a good summary of what credit card companies are permitted to do, what they are prevented from doing and, most importantly, what they still can do under the act to charge fees and earn a little profit in the process.
http://www.kait8.com/story/17028889/how-the-credit-card-act-does-not-protect-you
Most notably, credit card companies can prevent you from access to the courts for resolution of disputes through a binding arbitration clause. A California study found that 94 percent of the time, card issuers won arbitration. That’s a troubling statistic. Perhaps the best piece of advice to take from this article is to read the fine print and not overly rely on credit cards so you can avoid unnecessary fees and stay out of debt. We couldn’t agree more.
Latest posts by Kevin Fallon McCarthy (see all)
- Public Servants’ Second Chance at Federal Student Loan Forgiveness - April 10, 2018
- CREDIT CARD LOSS FOR SMALL BANKS AT AN EIGHT YEAR HIGH - March 22, 2018
- Rise of the Jumbo Student Loans - March 17, 2018
- Credit Card Market: Now and Then - February 23, 2018
- Make Your Credit Cards Work for You - January 23, 2018
