2009 saw the Obama Administration pass the CARD Act which according to most experts must have been passed much sooner. Even though the act was passed last year, most laws which were passed as part of the act were set into motion late February 2010. Changes in access students and minors have to credit cards have been changed and the new law took effect this February.
Most people have shown their discontent with credit card companies and the time they too to process the new interest rates issued by the government. Consumers have the right to cancel their credit cards at any time of their choosing but do not do so in fear of damaging their credit scores.
The new regulations are disadvantageous to credit card companies and they cannot charge consumers with fees for specific actions which they have been using to exploit consumers. Credit card companies are now struggling as as consumers are in many cases slow or unable to pay credit card debt. Credit card companies are relying on consumers who do not mind paying a higher interest rat if it helps their credit scores.
Consumers who are unsatisfied with their credit card companies do not have to stay with the same credit card company. They can look around and buy a credit card to suit their requirements. Consumers should not be made to pay for errors and mistakes which credit card companies are responsible for. Consumers can always choose and have a wide range of companies to choose from.
Consumer who wish to have a good credit report or credit scores must pay the returns on their loans on a regular basis and consistently. Accounts which are closed will not change a person's credit score significantly and the small change is temporary. Consumers do not take loans frequently enough to be effected by such a change in credit scores. Using credit cards with low interest rates and paying bills on time every time is the best way to deal with credit card scores.
Consumers who have the habit of taking loans on a more frequent basis will be affected by closing their accounts. Loans for cars and for a new home can be stressful and in such cases consumers have no option but to pay the high credit card interests. Paying loans with higher interest when you require many loans is the best way to be eligible for further loans and to have a good credit score.
Consumers are encouraged to constantly keep an eye out for good credit card interest rates and companies and switch when they have cleared loans with the old company. Many different companies offer different rates and lower rates will encourage consumers to switch to the company and companies who offer lower rates for consumers will be benefitted.