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Follow on Google News | National Credit Card Act a Step in Right Direction, says CreditTimeCredittime, credit solutions to your financial needs says that National Credit Card Act is a step in right direction for credit companies.
By: Credittime Online Credit Loans The Credit CARD Act, as it has been dubbed, eliminates double cycle billing, restricts the interest rate on preexisting credit card statement balances and requiring the consent of the customer before credit companies are allowed to charge over limit fees on statements. This has proven to be rather beneficial for many credit card users who have been trapped under the claws of credit companies. Recently, we have seen the variable rate rise to 13.73 percent, 10 basis points up since last week. This is most likely due to the second round of new regulations set in place but the CARD act. Numerous credit companies dropped “over the limit” fees while other institutions have also changed their ways. Chase Bank for example increased the grace period an additional day to 21 days. Credit Card companies like Discover and American Express have also shown their support of the new law to their clients by placing tutorials and other information on their website for their customers to learn more. Brad Nifdom, Spokesperson for CreditTime says, “We are relieved that the government has finally placed restrictions on the limitless power of credit card institutions and that these institutions have responded positively to these changes.“ Consumers are finally able to recover their power from credit institutions and fight the cycle of debt that many consumers have fallen prey to. In the upcoming months, we will definitively see the results that this Credit Act has had on the country and consumers. About CreditTime: Credit time is the leader in providing consumers the most up to date, well organized, and easy to use financial information available today. CreditTime helps customers take control of their money and their life. CreditTime’s experts are comprised of many of the most important advisors in the areas of money, loans, credit, debt, and banking. CreditTime offers its visitors the most comprehensive and easy to understand financial information ever made available so customers can make sound financial decisions that can positively impact their lives. Contact: Jacob Andrews CreditTime/Internet Marketing Exchange 108 West 13th Street Wilmington, Delaware 19801 800-225-5263 http://www.credittime.com/ http://www.credittime.com/ # # # CretitTime.com is a resource center for credit and financial related services, products, tools, education, and news. As a consumer or small business, here you will find carefully selected providers of services and products to meet your financial needs. End
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