Released March 16, 2010
BATON ROUGE, La. — People are still trying to figure out what the new Credit Card Accountability, Responsibility and Disclosure (Credit CARD) Act of 2009, which went into effect in February, means to their pocketbooks.
LSU AgCenter family economist Jeanette Tucker says the act should help with financial management because consumers should have a clearer picture of their credit.
“Credit card companies will now have to communicate with us better,” Tucker said.
Tucker explained that with the new rules, credit card companies will have to give a 45-day notice before increasing interest rates, changing certain fees or making other significant changes to the terms of your card.
The act also has provisions that protect new cardholders and underage consumers.
--continued on LSU AgCenter news
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