Credit Card Debt and Your Financial Future
2010 is nearly half over and already this year we’ve seen many changes to the credit card industry. The biggest change came with the largest sweeping reform of the industry via the Credit Card Reform Act of 2010.
While the Credit Card Reform Act is designed to assist consumers from being misled on statements or inappropriately given increases to interest rates without proper notification, the Act is unable to change or help people develop better spending habits. Continue reading “Credit Card Debt and Your Financial Future” »
KTVQ Interview with Sharon Welborn | New Credit Card Changes
Sharon Welborn, Branch Manager of our Billings, Montana office, made the evening news last night. I’ve included the full story below as well as a link to the video broadcast. Enjoy! Continue reading “KTVQ Interview with Sharon Welborn | New Credit Card Changes” »
Important Changes to Credit Cards
Think Hard before Opting Back Into Credit Card Account Offers Headed Your Way
As we quickly approach the February 22, 2010 deadline for implementation of many aspects of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD), we’ve been seeing some “interesting” marketing ploys by several credit card/banking companies.
CARD makes major changes in the way credit card companies can market, extend and administer credit to new and current card holders. One CARD stipulation prohibits allowing card holders to go over their credit limit for a fee without their express permission. Continue reading “Important Changes to Credit Cards” »
The Unintended Consequences of the New Credit Card Legislation
With the recent passage of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (CARD), credit-issuing companies stand to lose a significant revenue stream, namely, penalty charges.
No one can reasonably believe these businesses will accept a reduction in their profits without seeking to replace that income elsewhere in their operations.
With the curtailment of penalty charges and seemingly arbitrary consumer interest rate increases, banks and credit card companies will likely try to recapture lost revenue through expanded fees and service cuts. Continue reading “The Unintended Consequences of the New Credit Card Legislation” »