Page 36 - Book6E

Before borrowing money from a friend decide which you need most.
— American Proverb
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non-implementation of the Act. They can and will monitor/evaluate to determine that the protections for consumers are adequate and commensurate with the Act.
Credit counselors, a bright spot . When new policies come into effect in any program, it is imperative that the people working in that industry acquaint themselves with that new policy. FFEF credit counselors are well-versed in the new Act. As more informa- tion becomes available to the public and transparency comes into
effect, it is imperative that a consumer seek to interpret, by studying his credit card statement, the advantages that have been realized by the passage of the Act. Careful analysis of monthly statements and credit card contracts is required to ascertain that lawful consumer protection
is in place. The passage of the Act necessitates that a consumer in debt is knowledgeable enough to take full advantage of the new legislation and use it to his benefit. A credit counselor can be a bright spot in enlightening the consumer as to the advantages he now has as a result of the Act. The new Act has helped to provide optimism about the consumer's financial future.
Charge Cards
In 1914 Western Union offered the first consumer Charge Card. A charge card is similar to a credit card, except that a charge card requires the cardholder to pay the balance in full every month. There is no minimum payment, which means there is no official interest. A missed payment or partial payment incurs a severe late fee and some- times future transactions are restricted or the card is cancelled.
Businesses often use charge cards to pay and keep track of expenses. Retailers like Neiman Marcus issue charge cards to customers. Some
Plastic Money