Credit Card Reform | The Frugalista

Credit Card Reform

by frugalista on February 17, 2010

Yay, my Frugalistas! Credit Card Reform Part Two is coming to a wallet near you. Starting on Monday, here are some changes:

*People under 21 can’t get offered a card unless they show proof of proper income or have a co-signer.

*Offering an incentive such as T-shirts or books on college campuses is banned.

* Credit Card companies must show clearly the time it will take people to pay off the balance and how they will pay in interest by only paying the minimum

The reforms have been bittersweet. Knowing that the reform was inevitable, credit card companies, started slashing credit limits and jacking up interest rates.

All in all, I think it’s a good thing to have these reforms, especially for college Frugalistas.

Do you agree with the changes? Have you noticed your credit limits getting slashed or your interest rates going on on your credit cards? I have. Meh. Will this help America stop with the credit card abuse?

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