Illinois Bankruptcy Attorney Explains Cardholder’s Bill of Rights
As Americans, we're known for seeking the easy way out, be it a magic diet pill that lets us lose weight without diet or exercise or a little plastic card that (seemingly) allows us to buy whatever we want, regardless of whether we can afford it.
So it shouldn't come as a surprise that people are abuzz over the Cardholder's Bill of Rights, the "new" credit card legislation that promises to protect consumers from credit card companies' tricks. But, as usual, miracle cures aren't usually what they're cracked up to be.
Now, the intent of the legislation is good. Creditors have become increasingly sneakier at shortening grace periods, raising rates and lowering minimums. If you can't keep up with the latest changes, you'll pay dearly in fees. Late payment? That's $30. Exceeded your new limit? $50. And so on. This is exactly what the bill aims to limit by pushing back due dates, eliminating interest for cardholders who pay in full each month, and banning arbitrary rate increases while requiring sufficient notice before other rate changes.
So what's the problem? It's too little too late. The changes don't put any sort of cap on rates or fees - and they won't even go into effect for another year! By then, most people hope the economy will be recovering, if not already recovered. We need changes now! In summary, the new Bill of Rights is a step in the right direction, but a very small step.
You want the truth? You can't expect Uncle Sam to bail you out. The best way to beat creditors at their own game is to play a different game altogether. Some of us are already figuring this out. This quarter was the first time consumers used debit cards more than credit cards, as DebtStoppers attorney Rob Semrad tells Fox News in the above video.
The best way to get rid of interest and fees is to eliminate your debt. And for many people, bankruptcy is the most logical way to do it. Interested in finding out how our bankruptcy attorneys in Chicago and Atlanta can help you get a fresh financial start, free from the grip of creditors? Sign up for our free one-on-one debt analysis. If creditors are running your life, you don't need to wait for legislation that might make things slightly easier. You don't need to hope, fingers crossed, that the economy gets better soon. At DebtStoppers, we'll help you take action today.