Along with New Credit Card Laws comes Consumer Responsibility
The government has stepped in and curbed the fees, rates and tactics that credit card companies can throw at consumers. But where is the all-important consumer responsibility?
The new credit card legislation, set to go into effect in February, is laden with plenty of rules and regulations that credit card companies must follow. From restricting college students’ access to credit cards to changing rules regarding interest rake hikes and due dates, the law is designed to help consumers better manage their debt.
Recognizing Personal Responsibility
However, don’t expect the government (or the credit card companies) to take the place of your personal responsibility as a consumer. If the credit card company’s terms, conditions, rates and fees are now transparent then the responsibility lies solely on the consumer. In other words, there’s not much more the government can do to help you responsibly manage your money.
Credit card reform is only half of the equation; consumers must be other half.
The Importance of Learning from Past Mistakes
The credit crisis and subsequent recession has taught us all many lessons. Many consumers are now rethinking their once-impulse purchases; people are making budgets and sticking to them; and still many people are simply saving more and spending less.
If anything has come out of credit card reform is that everyone needs to be accountable for their actions. The bottom line is that it is ultimately your decision to spend or not to spend on your credit card. You have the final say and you – and only you – are left with the credit card bill at the end of the month.
For many consumers, this is a great time to reevaluate their needs, pay off their credit cards earlier than later, and simply take a good, hard look at their past spending habits so they can begin changing them for a better tomorrow.
Take this opportunity to review your credit card and spending decisions and make positive changes. Develop a realistic budget and stick to it; reevaluate your credit card needs and ditch the ones that simply are not working for you anymore; find a great credit card with competitive rates and excellent terms and conditions; and make a commitment to pay your card in full, every month, without exception.
Here’s to a healthier 2010!
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