Jan 19, 2010, 9:30am
ClearPoint Credit Counseling Solutions is providing accessible information about the long-awaited consumer protections outlined under the “Credit Card Accountability Responsibility and Disclosure Act of 2009,” the Credit CARD Act, that will take effect February 22.
Creditors must print a number on monthly credit card statements directing users how to access legitimate credit counseling from at least three Federally-approved agencies, like ClearPoint Credit Counseling Solutions. ClearPoint is positioned to handle increased counseling volume and to provide financial education about the Act, said credit counselor Bruce McClary.
Credit counselors at ClearPoint stress that consumers need to understand the basics to help them avoid racking up debt. “You can only benefit if you know your rights,” says McClary, “but reading the 33-page Act is too overwhelming for most.” He highlights a few key provisions taking effect next month:
Limits on Fees/Interest
Disclosures
Promotions
Youth
Payments
“Although these reforms favorable to consumers are going into effect, reading the fine print on credit card offers, agreements and updates is crucial,” warns McClary. “The wise use of credit is convenient, provides buyer protections and will help build a positive credit history,” he adds.
About ClearPoint
ClearPoint Credit Counseling Solutions (CCCS) is a member of the National Foundation for Credit Counseling (NFCC) and a system-wide accredited business with the Council of Better Business Bureaus. To speak with a consumer credit counselor for a free financial review and recommendations, consumers may call (877) 877-1995 or visit www.ClearPointCCS.org.
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