New Consumer Protections Against Abusive Credit Card Practices

News

New Consumer Protections Against Abusive Credit Card Practices

The State Journal – COLUMBUS,Ohio — Starting Monday, Feb. 22, new protections will go into effect preventing consumer abuses by credit card companies. U.S. Sen. Sherrod Brown, D-Ohio, was an original cosponsor of the Credit Card Accountability Responsibility and Disclosure (CARD) Act, which will go into effect on Monday.

“This is a long awaited victory for Ohio consumers,” said Brown. “The days where banks and credit card companies could nickel and dime consumers are gone. Now, responsible credit card users will be protected and big banks will have to play by a new set of rules.” The number of Ohioans using credit cards increased from nearly one and six in 1970, to three and four today. As the number of credit card holders increased, so did abuses by the credit card companies.

The CARD Act is aimed at protecting American consumers from excessive debt and deceptive and predatory credit card practices.

It increases transparency in the credit card industry by requiring enhanced disclosure of contract terms while improving billing and marketing practices.

Read the whole article »