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internet makes clear the assurances a consumer has or does not have in using that particular credit card.
Tighter reigns on credit cards . In the past, anyone over the age of 18 could obtain a credit card, particularly if he was a college graduate or preparing to graduate from college. A pre-graduating college senior often found himself literally inundated with credit card applications and requests. With the passage of the Act, a co-signer will be required for anyone under the age of 21.
The exception to this would be if a person under the age of 21 has a lucrative job with an obvious ability to make the monthly payments. The advantage for consumers with this new clause, is that there won't be nearly as many delinquent accounts among credit card holders; therefore, the credit card company would be less inclined to tack on extra fees in order to counteract client delinquency.
The last ditch effort . Between May 22, 2009 and February 22, 2010, credit card companies enjoyed a "last ditch" opportunity to raise inter- est and collect what fees they could get before the fateful February 22nd deadline. You can bet these extra fees have been lavishly added in a credit card company's panicked reaction to the Act. One consumer reported that the interest rate on her credit card went from 9% to 19% after the Act was introduced. A credit counselor can be successful in negotiations for lowering interest rates and fees associated with the last desperate attempts by the credit card companies to make significant profit on the backs of in-debt consumers.
I can read my statement! Upon the implementation of the Act, it has become more important that the consumer reads every item on his monthly statement. The Act causes credit card companies to treat consumers more fairly and to the consumer's advantage. By being familiar with the new legislation, a credit counselor can affirm to the consumer that a credit card company has done what is requisite in following the precepts of the new Act. The credit counselor actually has a responsibility to hold the credit card companies accountable for
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