President Obama recently signed into law several new changes to credit card lending.
Here are some things that stand out to me:
- 80% of American households have a credit card – Half of those carry a balance
- "Some get in over their heads by not using their heads." – President Obama
- People under 21 won't be able to obtain a credit card without a job or a co-signer
- Customer must be over 60 days late before rates can be increased on existing balances
- Consumers must receive a 45 day notice and explanation before interest rates can be increased
- There are more than 700 million credit cards in circulation in the United States – more than two cards for every man, woman, and child
You can read about it HERE. (Thanks to Robin for the link)
My team has been working on a page on our Next Steps site to provide practical ways that people can save money on common items that people purchase.
We want your ideas!
For example, what are some ways you have saved money on:
- Cable TV
- Cell phone service
- Car insurance
- Purchasing a new appliance
- Purchasing a new home
- Buying plane tickets
- Dining out
Share your ideas and check out the "Budget Boosters" section of our Next Steps site to see if there are any ways YOU can save money right away!