Feb 12, 2010, 7:00am
A February 2010 survey of 1,000 U.S. consumers revealed that just 48% are aware of the Credit CARD Act of 2009 that goes into effect on February 22. The results are part of the FreeScore.com Consumer Awareness Study on the Credit CARD Act of 2009*, a January 28-February 2, 2010, online poll of Americans ages 18+. Just 40% of consumers knew that credit card companies must now give a 45-day advance notice to changes in credit card rates, terms and conditions. The new law aims to protect credit card users from practices such as abrupt rate increases, retroactive rate increases, and double-cycle billing, wherein customers are charged interest on debt that’s fully paid off during the grace period.
According to Carrie Coghill Kuntz, Director of Consumer Education for FreeScore.com, “We’re within two weeks of the Credit CARD Act of 2009 going into full effect, yet less than half of Americans are aware of the legislation. Despite the Act and the protection it offers consumers, people must still read the fine print. Consumers should expect lots of calls from credit card companies in the coming months. If you receive an offer for a pre-approved credit card or if someone says they’ll help you get a credit card, find out the details first,” she warned.
Seven key tips from Carrie include:
The results of the FreeScore.com Consumer Awareness Study on the Credit CARD Act of 2009 also revealed:
About FreeScore.com
FreeScore.com is a service that provides consumers with access to their credit scores, reports and monitoring. For more information, go to www.FreeScore.com.
* The data for the FreeScore.com Consumer Awareness Study on the 2010 Credit CARD Act of 2009 was collected through Survey Sampling International in Shelton, Connecticut. Results have a margin of error +/- 5%.
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