Thursday, November 12, 2009

Taking Charge

If you’ve been watching your mail lately, you may have noticed a decrease in credit card offers, but an increase in rates. Many users in good standing have seen a lowering of their credit limits even though they’ve paid on time every month. I’ve spent more time reading through the many sheets of paper in my credit card statements in the past few months than I’ve spent in the last 15 years. What’s with my new interest in the fine print and sorting through all the gibberish? I want to keep an eye on everything until February 22, when the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (or CARD Act) will limit how credit card companies can penalize users and raise interest rates. Until then it’s open season on consumers.

Check your rates. Look at your limits. Monitor your situation. A rate that was once below 10% may be above 20%. Now is the time to really read through your statements. See where you can save money or pay off cards.

As you know, at OurSusu.com we’re all about saving. Why not start a Susu to pay off your credit cards? I’m sure you have a few family members and friends who’d like to decrease their debt. Help one another. You’ll know whom you’re borrowing from. You’ll know whom you’re lending to. And the best part is – if there’s an interest rate, you’ll always know what it is.

For more on the CARD Act, visit http://www.whitehouse.gov/the_press_office/Fact-Sheet-Reforms-to-Protect-American-Credit-Card-Holders/

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1 Comments:

Anonymous Oliver Darraugh said...

According to official figures, between April and June this year the number of insolvencies in the last few months has risen to all time highs. These include IVAs, bankruptcies and payment plans. In fact, during these three months the amount of individuals applying for debt advice and insolvency was higher during that period than the whole of the year 2000

December 8, 2009 at 1:26 AM  

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