Important Credit Card Law Changes Parents & College Students Need to Know
College Students and Parents Affected by New Federal (Credit Card) Laws
What You Need to Know
Most American college students use credit cards. However, many young people don’t always handle them properly, and often face late fees, increased rates, and high balances. Many of these problems are due to a lack of knowledge, or simply not handling cards responsibly. Although many of these problems are the result of bad habits of young adults, consumer groups believe many of these issues are due to questionable practices of credit card companies. To help address these issues, Congress passed new laws to restrict the ways card companies handle credit card arrangements with consumers.
Effective February 22, 2010, credit card companies will be required to follow the guidelines established by the Credit Card Act of 2009
The changes generally require credit card companies:
-to increase disclosures to card holders
-to provide more lead time or advance notice when changing terms
-to limit their marketing activities on or near college campuses
-to require increased parental involvement in credit card activities of individuals under 21.
More detail of these laws and other money issues affecting young adults and their parents are available on the educational website MoneyManagement101.org
For More Details see specific post http://moneymanagement101.org/important-cred…s-need-to-know/
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